CIRCLE INTERNET GROUP, INC., 10-Q filed on 5/11/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
May 06, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Registrant Name CIRCLE INTERNET GROUP, INC.  
Entity Incorporation, State or Country Code DE  
Entity File Number 001-42671  
Entity Tax Identification Number 99-2840247  
Entity Address, Address Line One One World Trade Center  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10007  
City Area Code 332  
Local Phone Number 334-0660  
Title of 12(b) Security Class A common stock, par value $0.0001 per share  
Trading Symbol CRCL  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001876042  
Current Fiscal Year End Date --12-31  
Class A common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   229,857,799
Class B common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   18,718,231
Common Class C    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   0
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 1,517,264 $ 1,526,046
Cash and cash equivalents segregated for corporate-held stablecoins 792,662 822,963
Cash and cash equivalents segregated for the benefit of stablecoin holders 76,893,681 75,067,932
Accounts receivable, net 72,168 62,866
Prepaid expenses and other current assets 326,800 321,660
Total current assets 79,602,575 77,801,467
Non-current assets:    
Restricted cash 2,800 2,792
Investments 100,073 84,265
Fixed assets, net 22,520 22,791
Digital assets 84,217 86,515
Goodwill 265,742 265,742
Intangible assets, net 421,017 411,146
Deferred tax assets, net 11,285 11,110
Other non-current assets 26,549 27,379
Total assets 80,536,778 78,713,207
Current liabilities:    
Deposits from stablecoin holders 76,778,530 74,912,567
Accounts payable and accrued expenses 262,215 360,609
Convertible debt, net of debt discount 0 36,821
Other current liabilities 14,637 18,398
Total current liabilities 77,055,382 75,328,395
Non-current liabilities:    
Deferred tax liabilities, net 28,071 28,702
Other non-current liabilities 24,694 25,337
Total non-current liabilities 52,765 54,039
Total liabilities 77,108,147 75,382,434
Commitments and contingencies (see Note 22)
Stockholders’ equity    
Treasury stock at cost (4.6 million and 4.7 million shares held as of March 31, 2026 and December 31, 2025, respectively) (2,683) (2,721)
Additional paid-in capital 4,658,949 4,610,216
Accumulated deficit (1,237,456) (1,292,709)
Accumulated other comprehensive income 8,367 14,515
Total stockholders' equity attributable to common stockholders 3,427,204 3,329,327
Noncontrolling interests 1,427 1,446
Total stockholders’ equity 3,428,631 3,330,773
Total liabilities and stockholders’ equity 80,536,778 78,713,207
Class A common stock    
Stockholders’ equity    
Common stock, value, issued 25 24
Class B common stock    
Stockholders’ equity    
Common stock, value, issued 2 2
Common Class C    
Stockholders’ equity    
Common stock, value, issued $ 0 $ 0
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Treasury stock, common, shares (in shares) 4,600,000 4,700,000
Class A common stock    
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 2,500,000,000 2,500,000,000
Common stock, shares, issued (in shares) 228,900,000 223,600,000
Common stock, shares, outstanding (in shares) 228,900,000 223,600,000
Class B common stock    
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 500,000,000.0  
Common stock, shares, issued (in shares) 18,700,000 18,700,000
Common stock, shares, outstanding (in shares) 18,700,000 18,700,000
Common Class C    
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 500,000,000.0 500,000,000.0
Common stock, shares, issued (in shares) 0 0
Common stock, shares, outstanding (in shares) 0 0
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue and reserve income    
Reserve income $ 652,508 $ 557,911
Other revenue 41,625 20,662
Total revenue and reserve income 694,133 578,573
Distribution, transaction and other costs    
Distribution and transaction costs 405,402 347,312
Other costs 1,379 335
Total distribution, transaction and other costs 406,781 347,647
Operating expenses    
Compensation expenses 138,127 75,620
General and administrative expenses 57,261 30,684
Depreciation and amortization expenses 26,767 13,880
IT infrastructure costs 12,722 7,672
Marketing expenses 6,617 3,860
Digital assets losses (gains) 856 6,270
Total operating expenses 242,350 137,986
Operating income from continuing operations 45,002 92,940
Other income (expense), net 11,683 (3,103)
Net income from continuing operations before income taxes 56,685 89,837
Income tax expense (benefit) 1,439 25,046
Net income from continuing operations 55,246 64,791
Less: Net loss attributable to noncontrolling interests (7) 0
Net income attributable to common stockholders $ 55,253 $ 64,791
Earnings per share attributable to common stockholders:    
Basic (in dollars per share) $ 0.23 $ 0.00
Diluted (in dollars per share) $ 0.21 $ 0.00
Weighted-average common shares used to compute earnings per share attributable to common stockholders:    
Basic (in shares) 244,038 57,966
Diluted (in shares) 266,687 75,650
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income attributable to common stockholders $ 55,253 $ 64,791
Other comprehensive income (loss):    
Foreign currency translation adjustment, net of tax (6,172) 1,809
Unrealized (loss) gain on convertible notes – credit risk, net of tax 0 (84)
Total other comprehensive income (loss), net of tax (6,172) 1,725
Less: other comprehensive loss attributable to noncontrolling interests (24) 0
Total other comprehensive income (loss) attributable to common stockholders (6,148) 1,725
Comprehensive income attributable to common stockholders $ 49,105 $ 66,516
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (unaudited) - USD ($)
$ in Thousands
Total
Treasury Stock
Additional paid-in capital
Accumulated deficit
Accumulated other comprehensive income (loss)
Noncontrolling interests
Class A common stock
Class A common stock
Class A common Stock
Class B common stock
Class B common stock
Class A common Stock
Temporary equity, beginning balance (in shares) at Dec. 31, 2024 139,762,000                  
Temporary equity, beginning balance at Dec. 31, 2024 $ 1,139,765                  
Temporary Equity                    
Issuance of common stock and preferred stock upon exercise of warrants (in shares) 45,000                  
Issuance of common stock and preferred stock upon exercise of warrants $ 737                  
Temporary equity, ending balance (in shares) at Mar. 31, 2025 139,807,000                  
Temporary equity, ending balance at Mar. 31, 2025 $ 1,140,502                  
Common stock, beginning balance (in shares) at Dec. 31, 2024               61,313,000   0
Beginning balance at Dec. 31, 2024 $ 570,529 $ (2,877) $ 1,792,969 $ (1,223,213) $ 3,644 $ 0   $ 6   $ 0
Treasury stock, beginning balance (in shares) at Dec. 31, 2024   4,960,000                
Permanent Equity                    
Issuance of common stock upon exercise of stock options (in shares) 1,009,000             1,009,000    
Issuance of common stock upon exercise of stock options $ 642   642              
Issuance of common stock and preferred stock upon exercise of warrants (in shares)               1,130,000    
Issuance of preferred stock for conversion of convertible notes, net 854   854              
Warrants in common stock 1,064   1,064              
Issuance of common stock in connection with acquisition (in shares)               3,857,000    
Issuance of common stock in connection with acquisitions 89,919   89,919              
Re-issuance of treasury stock to Circle Foundation 0                  
Stock-based compensation 15,440   15,440              
Other comprehensive income (loss), net of tax 1,725       1,725          
Other 12     12            
Net income 64,791     64,791            
Common stock, ending balance (in shares) at Mar. 31, 2025               67,310,000   0
Ending balance at Mar. 31, 2025 $ 744,976 $ (2,877) 1,900,888 (1,158,410) 5,369 0   $ 6   $ 0
Treasury stock, ending balance (in shares) at Mar. 31, 2025   4,960,000                
Temporary equity, beginning balance (in shares) at Dec. 31, 2025 0                  
Temporary equity, beginning balance at Dec. 31, 2025 $ 0                  
Temporary equity, ending balance (in shares) at Mar. 31, 2026 0                  
Temporary equity, ending balance at Mar. 31, 2026 $ 0                  
Common stock, beginning balance (in shares) at Dec. 31, 2025             223,600,000 228,286,000 18,700,000 18,665,000
Beginning balance at Dec. 31, 2025 $ 3,330,773 $ (2,721) 4,610,216 (1,292,709) 14,515 1,446   $ 24   $ 2
Treasury stock, beginning balance (in shares) at Dec. 31, 2025 4,700,000 4,692,000                
Permanent Equity                    
Issuance of common stock upon exercise of stock options (in shares) 2,543,000             2,483,000   60,000
Issuance of common stock upon exercise of stock options $ 14,412   14,411         $ 1    
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)               1,688,000   60,000
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (80,453)   (80,453)              
Issuance of common stock and preferred stock upon exercise of warrants (in shares)               525,000    
Issuance of preferred stock for conversion of convertible notes, net 4,659   4,659              
Re-issuance of treasury stock to Circle Foundation (in shares)   (67,060)                
Re-issuance of treasury stock to Circle Foundation 7,737 $ 38 7,699              
Conversion of Class A common stock to Class B (in shares)               70,000   (70,000)
Conversion of convertible debt, net (in shares)               465,000    
Conversion of convertible debt, net 39,382   39,382              
Vesting of restricted stock units and common stock in connection with business combinations (in shares)               37,000    
Stock-based compensation 61,279   61,279              
Other comprehensive income (loss), net of tax (6,172)       (6,148) (24)        
Capital contribution from noncontrolling interest 0   (12)     12        
Other 1,768   1,768              
Net income 55,246     55,253   (7)        
Common stock, ending balance (in shares) at Mar. 31, 2026             228,900,000 233,554,000 18,700,000 18,715,000
Ending balance at Mar. 31, 2026 $ 3,428,631 $ (2,683) $ 4,658,949 $ (1,237,456) $ 8,367 $ 1,427   $ 25   $ 2
Treasury stock, ending balance (in shares) at Mar. 31, 2026 4,600,000 4,625,000                
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 55,246 $ 64,791
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 26,767 13,880
Realized and unrealized losses (gains) on digital assets 9,796 14,376
Change in fair value of convertible debt, warrant liability, and embedded derivatives 4,136 2,382
Digital assets received for services (7,234) (4,500)
Equity securities received for services (29) 0
Deferred taxes 651 (1,250)
Realized and unrealized losses (gains) on strategic investments (5,364) 156
Losses on sale of long-lived assets 0 12
Stock-based compensation 51,836 12,716
Charitable contributions to Circle Foundation 7,737 0
Foreign currency remeasurement (gains) losses (5,394) 900
Provision for warrants in common stock 4,659 1,064
Other non-cash items 2,572 1,129
Changes in operating assets and liabilities:    
Accounts receivable (12,602) (5,353)
Prepaid expenses and other current assets (4,645) (47,792)
Accounts payable and accrued expenses (101,447) 6,421
Other current liabilities (5,609) (2,339)
Net cash provided by operating activities 21,076 56,593
Cash flows from investing activities    
Sale and return of investments 556 13
Purchase of investments (10,785) (338)
Business combinations, net of cash acquired 0 (7,440)
Proceeds from sale of digital assets 0 79
Capitalization of software development costs (15,603) (11,675)
Purchase of long-lived assets (9,356) (5,864)
Net cash used in investing activities (35,188) (25,225)
Cash flows from financing activities    
Net changes in deposits held for stablecoin holders 1,856,322 16,263,409
Payment of withholding taxes on settlement of restricted stock units (80,151) 0
Proceeds received from Employee Stock Purchase Plan 1,045 0
Payment of deferred offering costs (365) 0
Capitalized transaction costs 0 (952)
Proceeds from exercise of stock options 14,412 642
Net cash provided by financing activities 1,791,263 16,263,099
Effect of exchange rate changes on cash and cash equivalents, restricted and segregated cash 9,523 6,582
Net increase in cash and cash equivalents, restricted and segregated cash 1,786,674 16,301,049
Cash and cash equivalents, restricted and segregated cash at the beginning of the period 77,419,733 44,967,604
Cash and cash equivalents, restricted and segregated cash at the end of the period 79,206,407 61,268,653
Cash and cash equivalents, restricted and segregated cash consisted of the following:    
Cash and cash equivalents 1,517,264 848,606
Restricted cash 2,800 3,584
Cash and cash equivalents segregated for corporate-held stablecoins 792,662 274,539
Cash and cash equivalents segregated for the benefit of stablecoin holders 76,893,681 60,141,924
Total cash and cash equivalents, restricted and segregated cash 79,206,407 61,268,653
Supplemental disclosure of cash flow information    
Cash paid for income taxes 1,282 775
Cash paid for interest 216 180
Supplemental schedule of non-cash activities    
Capitalized stock-based compensation expense related to internally developed software 9,443 2,737
Purchases of long-lived assets included in accounts payable and accrued expenses (365) 0
Non-cash purchase of long-lived assets (200) 0
Non-cash purchase of investments and digital assets (700) (150)
Conversion of convertible debt 39,382 0
Re-issuance of treasury stock to Circle Foundation 7,737 0
Net changes in stablecoins receivable 0 7,000
Net changes in the purchase and redemption of digital financial assets 706 (12,162)
Non-cash consideration for acquisitions (1,150) (89,919)
Unrealized (loss) gain on convertible notes - credit risk, net of tax $ 0 $ (84)
v3.26.1
Description of business
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of business Description of business
Overview of the Business
We were founded in 2013, on the belief that we could connect the world more deeply by building a new global economic system on the foundation of the internet, and facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications.
We are building a full-stack internet financial platform business anchored by our stablecoin network, and organized around our reinforcing pillars — Arc and related developer infrastructure, Circle Digital Assets and related services, and Circle Applications.
These unaudited Condensed Consolidated Financial Statements include the accounts of Circle Internet Group, Inc. (“Circle Group”) and its subsidiaries in which we have a controlling financial interest (together, “Circle,” the “Company,” “we,” “us,” or “our”).
Initial Public Offering
In June 2025, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 19.9 million shares of its Class A common stock, including the underwriters’ over-allotment option which was exercised in full, at a public offering price of $31.00 per share. The IPO resulted in net proceeds to the Company of $583.0 million after deducting the underwriting discounts and commissions and before deducting offering costs of $12.8 million, which were charged to additional paid-in capital as a reduction of the net proceeds received from the IPO. Certain selling stockholders offered an additional 19.2 million shares of our Class A common stock at the IPO price in a secondary offering, for which we received no proceeds.
In connection with the completion of the IPO, the Company filed its Amended and Restated Certificate of Incorporation, effective June 6, 2025 (the “Charter”), which authorizes a total of 2.5 billion shares of Class A common stock with a par value of $0.0001 per share, 500.0 million shares of Class B common stock with a par value of $0.0001 per share, 500.0 million shares of Class C common stock with a par value of $0.0001 per share and 500.0 million shares of preferred stock with a par value of $0.0001 per share. In connection with the IPO, all shares of our outstanding redeemable convertible preferred stock automatically converted into a total of 139.8 million shares of our Class A common stock, and a total of 19.6 million shares of Class A common stock held by our co-founders and certain entities controlled by our co-founders were converted into an equivalent number of shares of Class B common stock. As a result, following the completion of the IPO, we have three classes of authorized common stock: Class A common stock, Class B common stock, and Class C common stock, of which only Class A common stock and Class B common stock were outstanding as of March 31, 2026.

Follow-on Public Offering
In August 2025, the Company completed a follow-on public offering of its Class A common stock, in which the Company issued and sold 3.5 million shares of its Class A common stock, including the underwriters’ over-allotment option which was exercised in full, at a public offering price of $130.00 per share. This resulted in net proceeds to the Company of $444.8 million after deducting the underwriting discounts and commissions and before deducting offering costs of $1.8 million, which were charged to additional paid-in capital as a reduction of the net proceeds received from the follow-on public offering. Certain selling stockholders offered an additional 8.0 million shares of our Class A common stock at the follow-on public offering price in a secondary offering, for which we received no proceeds.
v3.26.1
Summary of significant accounting policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of significant accounting policies
2. Summary of significant accounting policies
Basis of Presentation and Principles of Consolidation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”) and the applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted. Accordingly, the unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 9, 2026.
There have been no changes to our significant accounting policies described in the audited Consolidated Financial Statements as of and for the year ended December 31, 2025 included in our Annual Report on Form 10-K that have had a material impact on our unaudited Condensed Consolidated Financial Statements and accompanying notes. The Company consolidates entities in which it has a controlling financial interest. All intercompany balances and transactions have been eliminated on consolidation.
Reclassifications
Certain prior period amounts have been reclassified in order to conform with the current period presentation. The impact of these reclassifications is immaterial to the presentation of the unaudited Condensed Consolidated Financial Statements taken as a whole and had no impact on previously reported total assets, total liabilities and net income.
Use of Estimates
The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and disclosures in the accompanying notes.
Significant estimates that are particularly susceptible to significant change relate to the fair value of stock-based awards issued prior to the IPO, the fair value of convertible debt, the fair value of derivatives and embedded derivatives, the fair value of investments under measurement alternative, the assessment of the amount and likelihood of adverse outcomes from claims and disputes, the valuation of intangible assets acquired in business combinations, including goodwill and acquisition-date deferred taxes, contingent liabilities, and the recognition and measurement of current and deferred income taxes. The Company bases its estimates on historical experience and various other assumptions which we believe to be reasonable under the circumstances. These estimates may change as new events occur and additional information becomes available. Actual amounts or results could differ from these estimates and any such differences may be material to the financial statements. The unaudited Condensed Consolidated Financial Statements have been prepared on the same basis as the audited Consolidated Financial Statements, and in management’s opinion, reflect all adjustments, consisting only of normal, recurring adjustments, that are necessary for the fair presentation but are not necessarily indicative of the results expected for the full year or any other period.
Cash and Cash Equivalents
Cash and cash equivalents are cash and short-term, highly liquid investments with original maturities of three months or less at the date of purchase. The Company holds certain U.S. Treasury securities included in Cash and cash equivalents and accounts for them as financial assets under the fair value option pursuant to ASC 825, Financial Instruments, because the Company believes that measurement at fair value provides more useful information to financial statement users due to the short-term, highly liquid nature of the securities. As of March 31, 2026 and December 31, 2025, U.S. Treasury securities included in Cash and cash equivalents were $10.1 million and nil, respectively. Changes in the fair value of these U.S. Treasury securities are included in Other income (expense), net in the unaudited Condensed Consolidated Statements of Operations.
Assets Segregated for the Benefit of Stablecoin Holders
The Company segregates assets backing Circle stablecoins to satisfy its obligations under all applicable regulatory requirements and commercial laws and classifies these assets as current based on their purpose and availability to fulfill its direct obligation to customers. The Company holds only bare legal title in the accounts holding the reserve funds, and maintains no legal, equitable, financial or ownership interest over the reserves themselves held for the benefit of Circle stablecoin holders in such accounts. The Company’s eligible liquid assets were greater than the aggregate amount of custodial funds due to customers for the periods presented. Refer to Deposits from Stablecoin Holders in this note for further details.
Cash and cash equivalents segregated for the benefit of stablecoin holders and Cash and cash equivalents segregated for corporate-held stablecoins
Cash and cash equivalents segregated for the benefit of stablecoin holders and Cash and cash equivalents segregated for corporate-held stablecoins represent cash and cash equivalents maintained in segregated accounts that are held for the exclusive benefit of customers and stablecoin holders, including stablecoins held by the Company. The Company’s subsidiaries hold shares in the Circle Reserve Fund (the “Fund”), a money market fund managed by BlackRock Advisors, LLC. The securities purchased by the Fund are subject to the quality, diversification, and other requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended. Shares of the Fund are only available for purchase by certain subsidiaries of the Company.
The Company accounts for the Fund as a financial asset under the fair value option pursuant to ASC 825, Financial Instruments, because the Company believes that measurement at fair value provides more useful information to financial statement users due to the short-term, highly liquid nature of the Fund. The shares of the Fund would otherwise be accounted for under the equity method pursuant to ASC 323, Equity Method and Joint Ventures, if the Company had not elected the fair value option. The Company measures fair value at the Fund’s net asset value per share. As of March 31, 2026 and December 31, 2025, balances held in the Fund included in Cash and cash equivalents segregated for the benefit of stablecoin holders were $66.5 billion and $66.3 billion, respectively, and the Fund has maintained a net asset value of $1.00 per share for all periods presented. In connection with the Fund, dividends receivable are included in Prepaid expenses and other current assets on the unaudited Condensed Consolidated Balance Sheets and dividend income is included in Reserve income in the unaudited Condensed Consolidated Statements of Operations.
Digital Assets
The Company receives, purchases, utilizes, and sells digital assets in the ordinary course of business and holds certain digital assets as investments. Digital assets are measured at fair value based on quoted market prices in active markets. If no quoted market price is available, digital assets are measured at fair value using a cost approach or other comparable approach. Changes in fair value of digital assets held in the ordinary course of business are recognized in Digital assets losses (gains) in the unaudited Condensed Consolidated Statements of Operations. Changes in fair value of digital assets held as investments are recognized in Other income (expense), net in the unaudited Condensed Consolidated Statements of Operations. Gains and losses upon sale of digital assets are measured as the difference between the cash proceeds and the carrying basis of the digital assets as determined on a first-in, first-out (“FIFO”) basis for each pool of digital assets. These realized gains and losses on digital assets held in the ordinary course of business are recorded to Digital assets losses (gains), and realized gains and losses on digital assets held as investments are recorded to Other income (expense), net.
Deposits from Stablecoin Holders
Funds received from customers from the issuance of Circle stablecoins represent claims which are reflected as a liability classified as Deposits from stablecoin holders on the unaudited Condensed Consolidated Balance Sheets. As a licensed money transmitter and regulated Electronic Money Institution, Circle is obligated to redeem all Circle stablecoins presented by Circle Mint customers on a one-for-one basis for U.S. dollars or euros, as applicable, except in limited circumstances, such as when prohibited by law or court order or instances where fraud is suspected. As such, the Company does not have an unconditional right to deny Circle stablecoin redemption requests from Circle Mint customers. With the exception of general stablecoin holders subject to specific regulatory requirements such as those in the European Union, the Company does not redeem Circle stablecoins from stablecoin holders who are not Circle Mint customers. However, Circle stablecoins are supported by numerous global digital asset exchanges and marketplaces, including neo-banks, brokerages, payment providers, remittance providers, superapps and commerce companies, and as such, Circle stablecoin holders could transact with Circle Mint customers, ultimately allowing the Circle stablecoins to be redeemed. Deposits from stablecoin holders do not include amounts associated with corporate-held stablecoins. Cash associated with such corporate-held stablecoins is presented as Cash and cash equivalents segregated for corporate-held stablecoins on the unaudited Condensed Consolidated Balance Sheets.
When the Company makes payments in the form of corporate-held stablecoins, the Company records an associated Deposits from stablecoin holders and records the cash associated with such stablecoins as Cash and cash equivalents segregated for the benefit of stablecoin holders. When such payments, in the form of corporate-held stablecoins, are for distribution, transaction and other costs or operating expenses incurred, the payments are presented in the unaudited Condensed Consolidated Statements of Cash Flows in the same manner as if such payments were settled in cash.
As of March 31, 2026 and December 31, 2025, the Company’s eligible liquid assets, which consist of cash and cash equivalents, were greater than the aggregate amount of custodial funds due to stablecoin holders.
Stock-Based Compensation
Until the date on which our IPO registration statement was declared effective by the SEC on June 4, 2025, the Company provided stock options and restricted stock units (“RSUs”) to its employees and board members under the 2024 Share Award Plan, as amended, which assumed the obligations under the 2013 Share Award Scheme. The Board and our stockholders approved and adopted the 2025 Omnibus Incentive Plan and 2025 Employee Stock Purchase Plan (“ESPP”) which became effective on June 4, 2025 concurrent with the effectiveness of our IPO registration statement. The 2025 Omnibus Incentive Plan provides for the granting of stock options including incentive stock options (“ISOs”), nonqualified stock options (“NSOs”), share appreciation rights (“SARs”), restricted stock, RSUs, performance awards, other cash-based awards and other share-based awards. The number of shares available for grant and issuance under the 2025 Omnibus Incentive Plan is automatically increased on the first day of each fiscal year of our Company following the effective date of the Plan by a number equal to the lesser of (i) 5% of the aggregate number of shares of all classes of our common stock outstanding on the last day of the immediately preceding fiscal year; and (ii) the number of shares determined by the Compensation Committee in its discretion. The number of shares available for grant and issuance under the ESPP is automatically increased on the first day of each fiscal year of our Company following the effective date of the Plan by a number equal to the lesser of (i) 1% of the aggregate number of shares of all classes of our common stock outstanding on the last day of the immediately preceding fiscal year; and (ii) the number of shares determined by the Board in its discretion and subject to a limit on the maximum number of shares of our Class A common stock that may be issued under the ESPP. Collectively, these plans are referred to as the “Award Plans”. The Award Plans are administered by the Board and, where delegated, its committees, who have the authority to grant and amend awards, adopt, amend, and repeal rules relating to the Award Plans and to interpret and correct the provisions of the Award Plans and any award. Pursuant to the Award Plans, the Board and, where delegated, its committees, select the individuals to whom options or RSUs are granted and determine the terms of each award, including (i) the number of shares of common stock subject to the award; (ii) conditions and limitations applicable to each award and the common stock issued, including vesting provisions; (iii) the option exercise price, which must be at least 100.0% of the fair market value of the common stock as of the date of grant; and (iv) the duration of the award, which may not exceed 10 years.
The Board and, where delegated, its committees, may also grant restricted stock awards entitling recipients to acquire shares of common stock subject to (i) delivery to Circle by the participant of cash or other lawful consideration in an amount at least equal to the par value of the stock purchased, and (ii) the right of Circle to repurchase all or part of such stock at their issue price in the event that conditions specified in the applicable award are not satisfied prior to the end of the applicable restriction period.
In certain circumstances, the Company also grants stock-based awards to non-employees in lieu or in reduction of cash compensation for their services. The stock-based awards granted to non-employees generally have the same terms as those granted to employees under the Award Plans and are administered by the Board and, where delegated, its committees, as set forth above. For stock-based awards granted to non-employees, compensation expense is recognized based on the grant date fair value of the awards over the vesting period as the goods or services are received.
The ESPP allows eligible employees the option to purchase shares of the Company's Class A common stock at a 15% discount, over a series of offering periods through accumulated payroll deductions over the period. The ESPP also includes a look-back provision for the purchase price if the stock price on the purchase date is higher than the stock price on the first day of the offering period. The grant date of the initial offering period is March 5, 2026 and will end on September 4, 2026. Subsequent offering periods will be six months in length, from September 5 to March 4 and from March 5 to September 4 each year.
The Company recognizes stock-based compensation expense, net of estimated forfeitures, using a fair-value based method for costs related to all equity awards issued under the equity incentive plans, including options and RSUs granted to employees, directors, and non-employees. Stock-based compensation expense is recognized and included in Compensation expenses in the unaudited Condensed Consolidated Statements of Operations.
The Company estimates the fair value of stock options and ESPP with only service-based conditions on the date of grant using the Black-Scholes-Merton (“Black-Scholes”) option-pricing model. The fair value of the stock option and ESPP shares is expensed over the related service period which is typically the vesting period and the straight-line method is used for expense attribution. The model requires management to make a number of assumptions, including the fair value of our underlying common stock for options granted prior to the IPO, expected volatility of our underlying common stock, expected term of the stock option, risk-free interest rate, and expected dividend yield. The expected term of the stock option and ESPP is based on the average period the stock option and ESPP is expected to remain outstanding based on the stock option’s and ESPP's vesting and contractual terms. The estimated forfeiture rate is based on accumulated historical forfeiture data. The Company evaluates the assumptions used to value stock awards quarterly.
Prior to the IPO, the RSUs vested upon the satisfaction of both a service condition and a liquidity condition. The fair value of RSUs is estimated based on the fair value of our common stock on the date of grant. Stock-based compensation expense related to the RSUs is recorded on a tranche-by-tranche basis over the requisite service period, when the liquidity condition is considered probable. The liquidity condition was satisfied upon the IPO, and the Company recognized expense for the portion of RSUs that had met the service condition as of such date.
The Company’s RSUs granted after the IPO vest upon the satisfaction of a service condition and do not have a corresponding liquidity condition. Expense related to these RSUs is recognized using the straight-line attribution method.
Recently Adopted Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 enhances income tax disclosures, including more detailed requirements related to the rate reconciliation and disaggregation of income taxes paid by jurisdiction, among other items. The Company adopted ASU 2023-09 retrospectively effective for the year ended December 31, 2025. The adoption has only impacted annual disclosures.
Recently Issued Accounting Pronouncements
In September 2025, the FASB issued Accounting Standards Update No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 removes all references to software development project stages under the existing standard and states that an entity is required to start capitalizing software costs when (1) management has authorized and committed to fund the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended (the “probable-to-complete recognition threshold”). The new standard also states that an entity must assess whether significant development uncertainty exists in determining whether it has met the probable-to-complete recognition threshold. ASU 2025-06 is effective for the Company for its fiscal year beginning January 1, 2028 and for interim periods beginning in that year, with early adoption permitted. The guidance allows for prospective, retrospective, or modified prospective adoption. The Company is currently assessing ASU 2025-06 and its impact on its financial statements and disclosures.
In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 is intended to provide users of financial statements with more decision-useful information about expenses of a public business entity, primarily through enhanced disclosures of certain components of expenses commonly presented within captions on the statement of operations, such as employee compensation and depreciation and amortization, as well as a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 also requires disclosure of the total amount of selling expenses. ASU 2024-03 is effective prospectively or retrospectively for the Company for its fiscal year beginning January 1, 2027 and for interim periods beginning January 1, 2028, with early adoption permitted. The Company is currently assessing ASU 2024-03 and its impact on its disclosures.
v3.26.1
Acquisitions and divestitures
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions and divestitures
3. Acquisitions and divestitures
Hashnote Holdings LLC
In January 2025, the Company acquired 100% of the ownership interest in Hashnote Holdings LLC, a Delaware limited liability company (together with its subsidiaries, “Hashnote”), which, through its affiliates, is the fund manager of Hashnote International Short Duration Yield Fund Ltd. (“SDYF”), a tokenized money market fund and the issuer of USYC.
In accordance with ASC 805, Business Combinations, the acquisition was accounted for as a business combination under the acquisition method. The following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands):
Cash and cash equivalents$2,412 
Accounts receivable, net193 
Prepaid expenses and other current assets109 
Fixed assets, net8 
Digital assets104 
Goodwill96,198 
Intangible assets, net4,480 
Accounts payable and accrued expenses(655)
Other current liabilities
(2,383)
Deferred tax liabilities, net(401)
Total purchase consideration$100,065 
The fair value of consideration transferred was approximately $100.1 million, subject to customary adjustments, consisting of $10.2 million in cash, including a purchase price adjustment of $0.3 million, and approximately 2.9 million shares of our Class A common stock. The intangible assets acquired consist of developed technology of $1.7 million and customer relationships of $2.8 million and were each assigned useful lives of 2 years. The fair value of the customer relationships were determined using the income approach, and the developed technology was determined using the cost approach. These valuations are considered Level 3 fair value measurements due to the use of unobservable inputs including projected timing and amounts of future revenues, cash flows, discount rates and current replacement costs. The excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets acquired and liabilities assumed was recorded as goodwill and is attributable to Hashnote’s workforce and the synergies expected to arise from the acquisition. The Company does not expect goodwill to be deductible for income tax purposes.
The agreement also provided for the issuance of up to approximately 1.8 million additional shares of Class A common stock to certain Hashnote employees, which are subject to the satisfaction of vesting conditions and are accounted for as compensation expense over the requisite service period.
The Company also holds investments in certain funds managed by affiliates of Hashnote. These funds, including SDYF, are variable interest entities that are not consolidated by the Company due to the fact that we are not the primary beneficiary as we do not have an obligation to absorb losses or a right to receive benefits that could potentially be significant to each fund. The Company’s maximum exposure to loss associated with each fund is limited to its insignificant investment and its obligations to perform services as the manager of each fund. The Company provides no guarantees and has no other financial obligations to each of the funds.
Circle SBI Japan K.K.
In November 2025, Circle and SBI Holdings, Inc., (“SBI”), a third-party, each contributed Japanese Yen worth approximately $1.5 million to Circle SBI Japan K.K. (“Circle Japan”), an entity established to provide support in the distribution of USDC in Japan. The Company owns a 50% interest in Circle Japan and controls the variable interest entity as it has the power to direct the activities that most significantly affect the entity and it has the obligation to absorb losses and the right to receive benefits that could be significant to the entity. Therefore, the Company consolidates the assets and liabilities, which primarily consist of cash. There have been no significant operating results to date. SBI's equity interest and its attribution of net income and losses in Circle Japan are presented as noncontrolling interest in the unaudited Condensed Consolidated Balance Sheets and unaudited Condensed Consolidated Statements of Operations. Noncontrolling interests are adjusted for the proportionate share of additional contributions and distributions, earnings or losses, and other comprehensive income or loss.
Malachite
In August 2025, the Company acquired Malachite, a core software component that enables blockchain networks to automatically reach agreement on the validity of transactions, from Informal Systems Inc. for total consideration of $15.0 million consisting of $3.0 million in cash and $12.0 million of shares of Class A common stock. The shares of Class A common stock will primarily be paid in three installments over a period of two years and based on the average closing price of the Company’s shares over a period of 20 trading days prior to each payment. Each payment will also be subject to certain customary adjustments. The obligation to deliver a variable number of shares for a predominantly fixed monetary amount represents a liability, and upon closing of the acquisition the Company recorded $7.8 million and $4.2 million to Other current liabilities and Other non-current liabilities, respectively, of which $2.4 million was paid as of March 31, 2026. The acquisition was accounted for as an asset acquisition, and substantially all of the fair value of the net assets acquired was attributable to intangible assets which are amortized over a period of two years from the time they were placed in service.
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases
4. Leases
The Company leases facilities under non-cancelable operating leases. In addition to fixed monthly lease payments, the Company is required to pay operating expenses and real estate taxes for certain of these facilities.
The components of lease cost were as follows (in thousands):
Table 4.1. Lease Cost
Three months ended March 31,
20262025
Operating lease cost$830 $838 
Short-term lease cost    $224 $167 
Supplemental balance sheet information related to leases is as follows (in thousands):
Table 4.2. Details of Lease Right-of-use Assets and Liabilities
March 31, 2026December 31, 2025
Operating lease right-of-use assets
$13,980 $14,127 
Operating lease liabilities - current2,947 2,686 
Operating lease liabilities - non-current11,815 11,978 
Total operating lease liabilities$14,762 $14,664 
Operating lease liabilities are included in Other current liabilities and Other non-current liabilities on the unaudited Condensed Consolidated Balance Sheets, while operating lease right-of-use assets are included in Other non-current assets on the unaudited Condensed Consolidated Balance Sheets.
Weighted-average lease terms and discount rates are as follows:
Table 4.3. Weighted-average Lease Terms and Discount Rates
March 31, 2026December 31, 2025
Weighted-average remaining lease term
7.2 years
7.4 years
Weighted-average discount rates13.5 %13.4 %
Maturities of lease liabilities under operating leases are as follows (in thousands):
Table 4.4. Maturities of Lease Liabilities
Years ending December 31,
2026 (remaining 9 months)$2,505 
20273,154 
20282,787 
20293,058 
20303,119 
Thereafter8,825 
Total lease payments23,448 
Less: imputed interest
8,686 
Total lease liabilities$14,762 
v3.26.1
Intangible assets, net
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets, net
5. Intangible assets, net
Intangible assets, net
The useful life of the Company’s finite-lived acquired intangible assets is as follows:
Table 5.1. Acquired Intangible Assets Useful Life
Acquired intangible assets
Useful life (years) at acquisition
Developed technology 2
~
6
Customer relationships 2
Regulatory licenses 5
Patents and trade name
2
~
17
Intangible assets consists of the following (in thousands):
Table 5.2. Details of Intangible Assets, net
As of March 31, 2026Gross
carrying
amount 		Accumulated
amortization		Intangible
assets, net 		Weighted
average
remaining
useful
life (in years)
Amortizing intangible assets
Internally developed software $304,725 $(185,138)$119,587 1.4
Acquired intangible assets
48,309 (13,709)34,600 2.7
Total amortizing intangible assets
$353,034 $(198,847)$154,187 
Indefinite-lived intangible assets
Acquired intangible assets
266,830 — 266,830 
Total intangible assets, net$619,864 $(198,847)$421,017 
As of December 31, 2025Gross
carrying
amount		Accumulated
amortization		Intangible
assets, net		Weighted
average
remaining
useful
life (in years)
Amortizing intangible assets
Internally developed software $279,472 $(161,666)$117,806 1.5
Acquired intangible assets
38,109 (11,599)26,510 3.0
Total amortizing intangible assets
$317,581 $(173,265)$144,316 
Indefinite-lived intangible assets
Acquired intangible assets
266,830 — 266,830 
Total intangible assets, net$584,411 $(173,265)$411,146 
Acquired intangible assets include certain technology that enhances cross-chain interoperability which was acquired from Interop Labs Inc. and Rapidx Labs, Inc. in January 2026 for total consideration of $10.0 million. The acquisition was accounted for as an asset acquisition, resulting in the recognition of intangible assets which are amortized over a period of two years.
Amortization expense of intangible assets consists of the following (in thousands):
5.3. Details of Amortization Expense of Intangible Assets
Three months ended March 31,
20262025
Amortization expense on internally developed software
$23,662 $12,116 
Amortization expense on acquired intangible assets
2,110 1,350 
Total amortization expense of intangible assets
$25,772 $13,466 
The expected future amortization expense for intangible assets is as follows (in thousands):
Table 5.4. Future Amortization Expense of Intangible Assets

Years ending December 31,
2026 (remaining 9 months)$78,977 
202765,740 
20287,919 
2029125 
2030125 
Thereafter 1,301 
Total amortization expense $154,187 
v3.26.1
Fixed assets, net
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Fixed assets, net
6. Fixed assets, net
The following table presents our major categories of fixed assets, net (in thousands):
Table 6.1. Details of Fixed Assets, net
March 31, 2026December 31, 2025
Computers & equipment
$6,518 $5,815 
Leasehold improvements
20,098 20,102 
Other
4,112 4,113 
Total fixed assets30,728 30,030 
Less: accumulated depreciation
(8,208)(7,239)
Total fixed assets, net$22,520 $22,791 
Depreciation expense was $1.0 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively, which is included within Depreciation and amortization expense on the unaudited Condensed Consolidated Statements of Operations.
v3.26.1
Digital assets
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Digital assets
7. Digital assets
The composition of digital assets included the following (in thousands, except quantity):
Table 7.1. Details of Digital Assets
March 31, 2026December 31, 2025
QuantityCost BasisFair ValueQuantityCost BasisFair Value
Canton Coin391,371,628$17,138 $58,964 367,760,063$13,612 $56,028 
Bitcoin742,286 5,019 732,255 6,409 
Sui3,980,7998,775 3,494 3,838,4058,599 5,385 
Ether1,7474,525 3,673 1,7474,529 5,188 
Other digital assets(1)
n.m.30,649 13,067 n.m.26,880 13,505 
Total digital assets$63,373 $84,217 $55,875 $86,515 
(1) Includes other digital asset balances, none of which individually represented more than 10% of the fair value of the total digital assets.
n.m.= not meaningful
Digital assets losses (gains) consists of the following (in thousands):
Table 7.2. Digital assets losses (gains)
Three months ended March 31,
20262025
(Gains)/losses on disposals of digital assets$— $(23)
Unrealized (gains)/losses on changes in fair value of digital assets856 6,293 
Total$856 $6,270 
v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments
8. Investments
Strategic investments
The Company holds strategic investments in privately held companies as a part of the Company’s strategy to build partnerships across the digital asset ecosystem. The Company also receives certain equity instruments as consideration for services. The Company does not have the ability to exercise significant influence over operating and financial policies of these investments. The carrying amount of these investments was $100.1 million and $84.3 million as of March 31, 2026 and December 31, 2025, respectively, which are included in Investments on the unaudited Condensed Consolidated Balance Sheets. The Company primarily records these investments at cost adjusted to fair value upon observable transactions for identical or similar investments of the same issuer or upon impairment, referred to as the measurement alternative.
The Company’s investments carried under the measurement alternative are recorded at fair value on a non-recurring basis in periods after initial recognition. Investments carried at fair value under the measurement alternative are classified within Level 3 of the fair value hierarchy due to the absence of quoted market prices, the inherent lack of liquidity and unobservable inputs used to measure fair value that require management’s judgment. Any subsequent changes in value of these investments will be included as a part of Other income (expense), net in the unaudited Condensed Consolidated Statements of Operations.
The changes in the carrying value of equity investments carried under the measurement alternative along with investments in limited partnerships and certain forward contracts to purchase a specified quantity of equity shares in private companies are presented below (in thousands):
Table 8.1. Changes in the Carrying Value of Equity Investments under Measurement Alternative
Balance as of December 31, 2025$78,508 
Net investments and returns in privately held companies12,471 
Upward adjustments6,490 
Downward adjustments(951)
Realized gains (losses) and impairments
(161)
Balance as of March 31, 2026(1)
$96,357 
(1)Excludes $3.7 million of strategic investments not accounted for under the measurement alternative as of March 31, 2026.

Balance as of December 31, 2024$68,229 
Net investments and returns in privately held companies
2,050 
Upward adjustments879 
Downward adjustments
(1,229)
Realized gains (losses) and impairments
34 
Balance as of March 31, 2025(1)
$69,963 
(1) Excludes $7.6 million of strategic investments not accounted for under the measurement alternative as of March 31, 2025.
v3.26.1
Derivatives and embedded derivatives
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and embedded derivatives
9. Derivatives and embedded derivatives
The Company enters into certain strategic investments in the form of forward contracts to purchase a specified quantity of digital assets. Certain of these contracts are accounted for as derivatives or investments with embedded derivatives, and we account for these derivatives and embedded derivatives within Investments on the unaudited Condensed Consolidated Balance Sheets. The derivatives and bifurcated embedded derivatives are marked to market through Other income (expense), net in the unaudited Condensed Consolidated Statements of Operations. Embedded derivatives are presented together with the respective host contract on the unaudited Condensed Consolidated Balance Sheets.
The Company enters into certain agreements with customers to receive digital assets as non-cash consideration for services. These arrangements are hybrid instruments, consisting of a receivable host instrument with an embedded derivative based on the changes in the fair value of the underlying digital asset until receipt. Such feature is bifurcated and marked to market through Other income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Embedded derivatives are presented together with the respective host contract within Accounts receivable, net on the unaudited Condensed Consolidated Balance Sheets.
The fair value of the Company’s derivatives and embedded derivatives are as follows (in thousands):
Table 9.1. Fair Value of Derivative and Embedded Derivative Assets and Liabilities
March 31, 2026December 31, 2025
Investments - embedded derivatives$161 $899 
Investments - derivatives$461 $473 
Accounts receivable, net - embedded derivatives
$19,174 $19,942 
The following table summarizes notional amounts related to derivatives and embedded derivatives (in thousands):
Table 9.2. Notional Amounts of Derivative and Embedded Derivative Assets and Liabilities
March 31, 2026December 31, 2025
Investments - embedded derivatives$1,414 $1,153 
Investments - derivatives$506 $582 
Accounts receivable, net - embedded derivatives
$4,000 $4,000 
Gains (losses) on derivatives and embedded derivatives included in Other income (expense), net in the unaudited Condensed Consolidated Statements of Operations are as follows (in thousands):
Table 9.3. Gains (losses) on Derivatives and Embedded Derivatives
Three months ended March 31,
20262025
Accounts receivable, net - embedded derivatives
$(1,161)$(976)
Investments - derivatives and embedded derivatives
$(417)$(5,340)
v3.26.1
Fair value measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair value measurements
10. Fair value measurements
Recurring fair value measurements
The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis. The carrying amounts of certain financial instruments, including cash, accounts receivable, prepaid expenses and other current assets, and accounts payable and accrued expenses approximate their fair values due to their short-term nature.
Table 10.1. Fair Value Hierarchy
(in thousands)March 31, 2026December 31, 2025
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Assets
Cash equivalents(1)
$67,596,121 $— $— $67,483,506 $— $— 
Digital assets84,217 — — 86,515 — — 
Digital financial assets
1,248 — — 542 — — 
Investments - derivatives and embedded derivatives(2)(3)
— 622 — — 1,372 — 
Accounts receivable, net - embedded derivatives(4)
— 19,174 — — 19,942 — 
Total assets$67,681,586 $19,796 $— $67,570,563 $21,314 $— 
Liabilities
Convertible debt, net of debt discount$— $— $— $— $— $36,821 
Total liabilities$— $— $— $— $— $36,821 
(1) Included $66.5 billion and $66.3 billion of Circle Reserve Fund as of March 31, 2026 and December 31, 2025, respectively, and $10.1 million and nil of U.S. Treasury securities as of March 31, 2026 and December 31, 2025, respectively.
(2) The fair value measurement is based on the quoted market price of the underlying digital asset.
(3) Excluded the host contract balance of $1.4 million and $1.2 million as of March 31, 2026 and December 31, 2025, respectively.
(4) Excluded the host contract balance of $4.0 million as of March 31, 2026 and December 31, 2025 .
During the year ended December 31, 2025, $4.6 million of digital assets related to blockchain rewards revenue which were classified as Level 3 within the fair value hierarchy due to the absence of quoted market prices, inherent lack of liquidity, and reliance on unobservable inputs, were transferred from Level 3 to Level 1 when the digital assets were listed on centralized exchanges and quoted prices in active markets became available.
Warrant liability
The Company had issued warrants convertible into Series E preferred stock at a price of $16.23 per share. The warrants were classified as a non-current liability and were fair valued using a probability weighted model based on the fair value of the Company’s common stock at the balance sheet date. The Company revalued the warrants at each reporting period and recorded the change in fair value in the unaudited Condensed Consolidated Statements of Operations. On February 20, 2025, the Company issued an aggregate of 45 thousand shares of Series E preferred stock to the warrant holders upon the cashless exercise of those warrants which were subsequently converted one-for-one to Class A common stock upon completion of the IPO. The changes in carrying value of warrant liability is reflected in the following table (in thousands):
Table 10.2. Changes in Carrying Value of Warrant Liability
Balance as of December 31, 2024$1,591 
Warrants exercised
(1,591)
Balance as of March 31, 2025$— 
Convertible debt, net of debt discount
On March 1, 2019, the Company issued a convertible note in connection with an acquisition. The note had an original par value of $24.0 million, a 2.9% interest rate, and matured on March 1, 2026. The note was convertible into Series E preferred stock prior to the IPO, and is convertible into Class A common stock after the IPO. In October 2025, certain holders of the Company’s convertible notes converted their principal and accrued interest balance of $11.0 million into approximately 675 thousand shares of Class A common stock at a conversion rate of $16.23 per share. In January 2026, the remaining holders of the Company’s convertible notes converted their principal and accrued interest balance of $7.5 million into approximately 465 thousand shares of Class A common stock at a conversion rate of $16.23 per share. The fair value of the notes converted in January 2026 was approximately $39.4 million, substantially all of which was recorded to additional paid-in capital upon conversion. The Company elected the fair value option for recording this note. We measured the fair value of our convertible debt using the probability weighted “as converted” model. The change in fair value of the note is recorded in Other income (expense), net in the unaudited Condensed Consolidated Statements of Operations. The changes in carrying value of convertible debt, net of debt discount are reflected in the following tables (in thousands):
Table 10.3. Changes in Carrying Value of Convertible Debt
Balance as of December 31, 2025$36,821 
Net discount on convertible notes — 
Capitalized interest — 
Fair value adjustment 2,558 
Fair value adjustment  –  credit risk — 
Conversion of convertible notes
(39,379)
Balance as of March 31, 2026$— 
Balance as of December 31, 2024$40,717 
Net discount on convertible notes 206 
Capitalized interest 334 
Fair value adjustment (3,934)
Fair value adjustment  –  credit risk 91 
Balance as of March 31, 2025$37,414 
The following significant unobservable inputs were used in the valuation:
Table 10.4. Significant Unobservable Inputs
March 31, 2026December 31, 2025
Discount rate — %8.0 %
Volatility — %44.8 %
Risk-free rate — %3.7 %
Nonrecurring fair value measurements
Non-financial assets and investments accounted for under the measurement alternative are measured at fair value on a nonrecurring basis. Certain investments accounted for under the measurement alternative were impaired or adjusted for observable price changes in orderly transactions involving the same or similar investment. Refer to Note 8 for further details. These fair value measurements are based on Level 3 inputs, predominantly projected cash flows from the underlying investments and an applicable discount rate used in an income approach.
v3.26.1
Revenue recognition
 3 Months Ended
Mar. 31, 2026
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue recognition
11. Revenue recognition
Disaggregation of Revenue
The following table summarizes the disaggregation of revenue by major product and service (in thousands):
Table 11.1. Revenue by Product and Service
Three months ended March 31,
20262025
Reserve income
$652,508 $557,911 
Other revenue:
Subscription and services$34,861 $17,488 
Transaction revenue6,730 2,849 
Other 34 325 
Total other revenue41,625 20,662 
Total revenue and reserve income
$694,133 $578,573 
Reserve income
All Circle stablecoins issued and outstanding are fully backed by equivalent amounts of fiat currency denominated assets held in segregated reserve accounts. The Company earns interest and dividends on assets held in reserve accounts, which include cash balances held at banks and investments in the Circle Reserve Fund. Interest income is recognized under the effective interest method, and dividend income from the Circle Reserve Fund is recognized on the declaration date.
Other revenue
Other revenue generally consists of revenues generated from services that increase the utility of Circle Digital Assets and related transactions. The components of other revenue primarily include revenues from subscription and services, transaction revenues, and other revenues.
Subscription and services consist of customer agreements where recurring revenue is generated from integration and maintenance services, fund management, time-based access, and user-based licensing. Payment for services received at the inception of the customer agreements in the form of digital assets is measured at fair value at the contract inception. Refer to the Digital assets discussion above regarding subsequent accounting for digital assets. Revenues from subscription contracts and maintenance services are recognized over time as the services are delivered. Revenues from integration services contracts which have specific performance obligations are recognized at the point in time when delivery of the services are completed and accepted by the customer. The Company receives fees associated with the management of USYC in the form of performance fees. Performance fees represent variable consideration and are recognized as revenue when the Company is entitled to such fees and significant reversals of such fees are not probable.
Transaction revenue is generated from usage-based, volume-based, or event-driven transactions. This includes fees associated with the redemption of Circle stablecoins and USYC, blockchain rewards revenue and use of Circle infrastructure in facilitating digital asset transactions (including CCTP). Transaction revenue contracts constitute a series of distinct processing services that the Company stands ready to provide to the customers over the contract period and services performed for participation in blockchain networks. The transaction price for these services is variable based on the number or volume of transactions processed, and consideration is allocated to the distinct service that forms part of its single performance obligation to provide such services. Revenue is recognized at the point in time as the performance obligation is met. The Company incurs expenses to assist in fulfilling obligations to process transactions. The Company acts as the principal in providing services to customers and, therefore, recognizes associated revenue and expenses on a gross basis.
Other is primarily generated from fees associated with certain non-recurring services and discontinued legacy products. Such customer contracts typically have one performance obligation and revenue is recognized at the point in time the services are provided.
Deferred Revenue
Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue are reflected in the following table (in thousands):
Table 11.2. Changes in Deferred Revenue
Balance at December 31, 2025$11,512 
Deferred revenue billed in the current period, net of recognition
2,087 
Revenue recognized that was included in the beginning period (7,609)
Balance at March 31, 2026$5,990 
Balance at December 31, 2024$13,390 
Deferred revenue billed in the current period, net of recognition
9,456 
Revenue recognized that was included in the beginning period (9,845)
Balance at March 31, 2025$13,001 
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Other income (expense), net
 3 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
Other income (expense), net
12. Other income (expense), net
The following table presents our major categories of Other income (expense), net (in thousands):
Table 12.1. Other income (expense), net
Three months ended March 31,
20262025
Gains (losses) on digital assets and other investments, net $(3,576)$(8,263)
Interest income on corporate balances13,709 7,965 
Changes in fair value of convertible debt, warrant liability, embedded derivatives and U.S. Treasury securities
(4,108)(2,382)
Interest expense and amortization of discount
(38)(335)
Foreign currency exchange gain (loss)
5,121 (539)
Other, net 575 451 
Total Other income (expense), net
$11,683 $(3,103)
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Income taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income taxes
13. Income taxes
For the three months ended March 31, 2026 and 2025, the Company recorded consolidated income tax expense from continuing operations of $1.4 million and $25.0 million, respectively, which represent effective tax rates of 2.5% and 27.9%, respectively.
The Company’s income tax expense and effective tax rate can fluctuate period to period based on the levels of net income before income taxes, the mix of profits earned in various tax jurisdictions with differing statutory tax rates, the magnitude of non-deductible items and tax credits, changes in valuation allowances, and the impact of discrete items.
The income tax expense for the three months ended March 31, 2026, reflects the mix of earnings across U.S. and non-U.S. jurisdictions. Income taxes were significantly reduced by tax benefits from stock-based compensation, partially offset by discrete tax expense items, including certain prior-period tax adjustments recognized during the period, and valuation allowances against U.S. deferred tax assets.
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Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt
14. Debt
Warrant liability
In connection with a loan agreement with a bank, which was repaid in full in November 2019, the Company issued warrants convertible into 85 thousand Series E preferred stock with a strike price of $16.23 per share with an expiration date of February 21, 2025. On February 20, 2025, the Company issued an aggregate of 45 thousand shares of Series E preferred stock to the warrant holders upon the cashless exercise of those warrants.
Convertible debt, net of debt discount
In March 2019, the Company issued a convertible promissory note in connection with an acquisition. Pursuant to the note agreement, the Company agrees to pay the holders the principal amount together with any interest on the unpaid principal balance for the note beginning on the date of the agreement. The note had an original principal amount of $24.0 million and was convertible into Series E preferred stock subject to the conversion provisions in the agreement. Subsequent to the IPO, the note is convertible into Class A common stock at a conversion rate of $16.23. The note matured on March 1, 2026, unless earlier converted, and has an annual interest rate of 2.9% due annually in arrears on the last day of each calendar year. The Company has elected the fair value option for recording its convertible notes on the unaudited Condensed Consolidated Balance Sheets, which are recorded at a net discount on acquisition date. The debt discount is amortized and included in Other income (expense), net in the unaudited Condensed Consolidated Statements of Operations. The change in fair value of the convertible notes is included in Other income (expense), net in the Unaudited Condensed Consolidated Statements of Operations.
In October 2025, certain holders of the Company’s convertible notes converted their principal and accrued interest balance of $11.0 million into approximately 675 thousand shares of Class A common stock at a conversion rate of $16.23 per share. The fair value of the notes converted in October 2025 was approximately $88.8 million, substantially all of which was recorded to additional paid-in capital upon conversion.
In January 2026, the remaining holders of the Company’s convertible notes converted their principal and accrued interest balance of $7.5 million into approximately 465 thousand shares of Class A common stock at a conversion rate of $16.23 per share. The fair value of the notes converted in January 2026 was approximately $39.4 million, substantially all of which was recorded to additional paid-in capital upon conversion.
The fair value of outstanding convertible notes was nil and $36.8 million as of March 31, 2026 and December 31, 2025, respectively, and are reflected as Convertible debt, net of debt discount on the unaudited Condensed Consolidated Balance Sheets.
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Stockholders' equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' equity
15. Stockholders’ equity
Common Stock
In June 2025, the Company completed its IPO, in which the Company issued and sold 19.9 million shares of its Class A common stock, including the underwriters’ over-allotment option which was exercised in full, at a public offering price of $31.00 per share.
In August 2025, the Company completed a follow-on public offering of its Class A common stock, in which the Company issued and sold 3.5 million shares of its Class A common stock, including the underwriters’ over-allotment option which was exercised in full, at a public offering price of $130.00 per share.
The Charter authorizes a total of 2.5 billion shares of Class A common stock with a par value of $0.0001 per share, 500.0 million shares of Class B common stock with a par value of $0.0001 per share, 500.0 million shares of Class C common stock with a par value of $0.0001 per share and 500.0 million shares of preferred stock with a par value of $0.0001 per share. In connection with the IPO, all shares of our outstanding redeemable convertible preferred stock automatically converted into a total of 139.8 million shares of our Class A common stock, and a total of 19.6 million shares of Class A common stock held by our co-founders and certain entities controlled by our co-founders were converted into an equivalent number of shares of Class B common stock. As a result, following the completion of the IPO, we have three classes of authorized common stock: Class A common stock, Class B common stock, and Class C common stock, of which only Class A common stock and Class B common stock were outstanding as of March 31, 2026.
Class B common stock is convertible into Class A common stock on a one-for-one basis at the option of the holder. In addition, Class B common stock will automatically convert into Class A common stock on a one-for-one basis upon any transfer, except for permitted transfers described in our Charter, and in certain other circumstances. Class C common stock is convertible into Class A common stock on a one-for-one basis in connection with certain assignments and transfers.
The holders of Circle’s Class A common stock are entitled to one vote for each share of common stock held. The holders of Circle’s Class B common stock are entitled to five votes for each share of common stock held (but the aggregate voting power of Class B common stock cannot exceed 30% of the total voting power of our capital stock). The holders of Circle’s Class C common stock are not entitled to vote except to the extent set forth in our Charter or as required by applicable law. The voting, dividend and liquidation rights of the holders of our common stock are subject to and qualified by the rights, powers, and preferences of the holders of the Preferred Stock as detailed in the Charter.
Stock Plans
As of March 31, 2026, there were 27.2 million shares of Class A common stock and Class B common stock subject to issued and outstanding stock options and RSUs under the stock award plans, and 1.2 million shares of Class A common stock issuable in connection with business combinations. In addition, under the stock award plans and the ESPP, there were 37.0 million shares and 8.1 million shares, respectively, of Class A common stock available for future issuance.
Warrants
In April 2023, the Company entered into an agreement with a commercial counterparty to grant warrants to purchase up to 4.5 million common shares of a consolidated subsidiary that will be automatically converted one-for-one into shares of Class A common stock upon exercise. The warrants have an exercise price of $42.14 per share and an exercise period of ten years from the grant date. The warrants are subject to certain service conditions to be achieved over a two-year period and performance conditions to be achieved over a five-year period. The fair value of the warrants, approximately $80.1 million, was measured at the time of issuance using the Black-Scholes option pricing model using the following assumptions: the Company’s estimated common share price on the grant date, a term of ten years, a dividend yield of zero, volatility of 44%, and a risk-free rate of 3.45%. The warrants will be expensed as the service conditions are achieved or over the requisite service period if and when the achievement of the performance conditions are probable. There were no marketing expenses or distribution and transaction costs related to the warrants for the three months ended March 31, 2026 and 2025. As of March 31, 2026, 3.4 million of these warrants have expired, and none of the common shares associated with the remaining warrants have been exercised or forfeited.
In August 2023, the Company entered into an agreement with a digital asset exchange to grant warrants to purchase up to 3.6 million common shares of a consolidated subsidiary that will be automatically converted one-for-one into shares of Class A common stock upon exercise. The warrants have an exercise price of $25.09 per share. They expire five years from the grant date and the vesting of the warrants is subject to a performance condition. The fair value of the warrants, approximately $43.9 million, was measured at the time of issuance using the Black-Scholes option pricing model using the following assumptions: the Company’s estimated common share price on the grant date, a term of five years, a dividend yield of zero, volatility of 51%, and a risk-free rate of 4.38%. The warrants will be expensed over the requisite service period if and when the achievement of the performance condition is probable. There were no marketing expenses or distribution and transaction costs related to the warrants for the three months ended March 31, 2026 and 2025. As of March 31, 2026, the performance condition had not been met, and none of the common shares associated with these warrants have been exercised, forfeited, or expired.
In December 2024, the Company entered into an agreement with a commercial counterparty which included the issuance of warrants to purchase up to approximately 2.9 million shares of Class A common stock. The warrants vest based upon the achievement of certain performance conditions to be achieved within a three-year period for the benefit of the Company. The warrants have an exercise price of $22.71 per share and an exercise period of six years from the grant date. The fair value of the warrants, approximately $56.1 million, was measured at the time of issuance using the Black-Scholes option pricing model using the following assumptions: the Company’s estimated common share price on the grant date, a term of six years, a dividend yield of zero, volatility of 53%, and a risk-free rate of 4.43%. The warrants are expensed as the service conditions are achieved or over the requisite service period if and when the achievement of the performance conditions are probable. There was $4.7 million and $1.1 million in distribution and transaction costs related to the warrants for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, 1.0 million of these warrants have vested, and the counterparty elected to exercise 0.7 million of the warrants during the three months ended March 31, 2026 resulting in the net issuance of approximately 0.5 million shares of Class A common stock. As of March 31, 2026, none of the common shares associated with these warrants have been forfeited or expired.
Donations to Circle Foundation
In March 2025, the Company’s board of directors approved the reservation of up to 2,682,392 shares of Class A common stock, which represented approximately 1% of our capital stock on the date it was approved by our board of directors. The shares may be issued to or for the benefit of the Circle Foundation, a donor-advised fund, in installments over 10 years.
In March 2026, the Company re-issued 67,060 shares of Treasury stock reserved for the benefit of the Circle Foundation. As a result of this equity contribution, the Company recorded a charge of $7.7 million to General and administrative expenses within the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026.
16. Redeemable convertible preferred stock
In connection with the IPO, all outstanding shares of redeemable convertible preferred stock were converted into shares of our Class A common stock on a one-to-one basis and their carrying value of $1.1 billion was reclassified into stockholders’ equity. As such, there were no shares of redeemable convertible preferred stock issued and outstanding following the completion of the Company's IPO in June 2025.
Following is a presentation of the key characteristics and shares for each class of the Company’s preferred stock as of March 31, 2025.
Table 16.1. Details of Preferred Stocks
Preferred stock classIssue DateIssue priceConversion priceLiquidation preference
Shares issued
(in thousands)
Series A8/22/2013$0.27 $0.27 $0.27 33,621
Series B2/26/2014$0.97 $0.97 $0.97 17,586
Series C4/10/2015$2.17 $2.17 $2.17 18,445
Series D5/17/2016$2.76 $2.76 $2.76 23,203
Series EVarious$16.23 $16.23 $16.23 37,436
Series F5/9/2022$42.14 $42.14 $42.14 9,516
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Redeemable convertible preferred stock
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Redeemable convertible preferred stock
15. Stockholders’ equity
Common Stock
In June 2025, the Company completed its IPO, in which the Company issued and sold 19.9 million shares of its Class A common stock, including the underwriters’ over-allotment option which was exercised in full, at a public offering price of $31.00 per share.
In August 2025, the Company completed a follow-on public offering of its Class A common stock, in which the Company issued and sold 3.5 million shares of its Class A common stock, including the underwriters’ over-allotment option which was exercised in full, at a public offering price of $130.00 per share.
The Charter authorizes a total of 2.5 billion shares of Class A common stock with a par value of $0.0001 per share, 500.0 million shares of Class B common stock with a par value of $0.0001 per share, 500.0 million shares of Class C common stock with a par value of $0.0001 per share and 500.0 million shares of preferred stock with a par value of $0.0001 per share. In connection with the IPO, all shares of our outstanding redeemable convertible preferred stock automatically converted into a total of 139.8 million shares of our Class A common stock, and a total of 19.6 million shares of Class A common stock held by our co-founders and certain entities controlled by our co-founders were converted into an equivalent number of shares of Class B common stock. As a result, following the completion of the IPO, we have three classes of authorized common stock: Class A common stock, Class B common stock, and Class C common stock, of which only Class A common stock and Class B common stock were outstanding as of March 31, 2026.
Class B common stock is convertible into Class A common stock on a one-for-one basis at the option of the holder. In addition, Class B common stock will automatically convert into Class A common stock on a one-for-one basis upon any transfer, except for permitted transfers described in our Charter, and in certain other circumstances. Class C common stock is convertible into Class A common stock on a one-for-one basis in connection with certain assignments and transfers.
The holders of Circle’s Class A common stock are entitled to one vote for each share of common stock held. The holders of Circle’s Class B common stock are entitled to five votes for each share of common stock held (but the aggregate voting power of Class B common stock cannot exceed 30% of the total voting power of our capital stock). The holders of Circle’s Class C common stock are not entitled to vote except to the extent set forth in our Charter or as required by applicable law. The voting, dividend and liquidation rights of the holders of our common stock are subject to and qualified by the rights, powers, and preferences of the holders of the Preferred Stock as detailed in the Charter.
Stock Plans
As of March 31, 2026, there were 27.2 million shares of Class A common stock and Class B common stock subject to issued and outstanding stock options and RSUs under the stock award plans, and 1.2 million shares of Class A common stock issuable in connection with business combinations. In addition, under the stock award plans and the ESPP, there were 37.0 million shares and 8.1 million shares, respectively, of Class A common stock available for future issuance.
Warrants
In April 2023, the Company entered into an agreement with a commercial counterparty to grant warrants to purchase up to 4.5 million common shares of a consolidated subsidiary that will be automatically converted one-for-one into shares of Class A common stock upon exercise. The warrants have an exercise price of $42.14 per share and an exercise period of ten years from the grant date. The warrants are subject to certain service conditions to be achieved over a two-year period and performance conditions to be achieved over a five-year period. The fair value of the warrants, approximately $80.1 million, was measured at the time of issuance using the Black-Scholes option pricing model using the following assumptions: the Company’s estimated common share price on the grant date, a term of ten years, a dividend yield of zero, volatility of 44%, and a risk-free rate of 3.45%. The warrants will be expensed as the service conditions are achieved or over the requisite service period if and when the achievement of the performance conditions are probable. There were no marketing expenses or distribution and transaction costs related to the warrants for the three months ended March 31, 2026 and 2025. As of March 31, 2026, 3.4 million of these warrants have expired, and none of the common shares associated with the remaining warrants have been exercised or forfeited.
In August 2023, the Company entered into an agreement with a digital asset exchange to grant warrants to purchase up to 3.6 million common shares of a consolidated subsidiary that will be automatically converted one-for-one into shares of Class A common stock upon exercise. The warrants have an exercise price of $25.09 per share. They expire five years from the grant date and the vesting of the warrants is subject to a performance condition. The fair value of the warrants, approximately $43.9 million, was measured at the time of issuance using the Black-Scholes option pricing model using the following assumptions: the Company’s estimated common share price on the grant date, a term of five years, a dividend yield of zero, volatility of 51%, and a risk-free rate of 4.38%. The warrants will be expensed over the requisite service period if and when the achievement of the performance condition is probable. There were no marketing expenses or distribution and transaction costs related to the warrants for the three months ended March 31, 2026 and 2025. As of March 31, 2026, the performance condition had not been met, and none of the common shares associated with these warrants have been exercised, forfeited, or expired.
In December 2024, the Company entered into an agreement with a commercial counterparty which included the issuance of warrants to purchase up to approximately 2.9 million shares of Class A common stock. The warrants vest based upon the achievement of certain performance conditions to be achieved within a three-year period for the benefit of the Company. The warrants have an exercise price of $22.71 per share and an exercise period of six years from the grant date. The fair value of the warrants, approximately $56.1 million, was measured at the time of issuance using the Black-Scholes option pricing model using the following assumptions: the Company’s estimated common share price on the grant date, a term of six years, a dividend yield of zero, volatility of 53%, and a risk-free rate of 4.43%. The warrants are expensed as the service conditions are achieved or over the requisite service period if and when the achievement of the performance conditions are probable. There was $4.7 million and $1.1 million in distribution and transaction costs related to the warrants for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, 1.0 million of these warrants have vested, and the counterparty elected to exercise 0.7 million of the warrants during the three months ended March 31, 2026 resulting in the net issuance of approximately 0.5 million shares of Class A common stock. As of March 31, 2026, none of the common shares associated with these warrants have been forfeited or expired.
Donations to Circle Foundation
In March 2025, the Company’s board of directors approved the reservation of up to 2,682,392 shares of Class A common stock, which represented approximately 1% of our capital stock on the date it was approved by our board of directors. The shares may be issued to or for the benefit of the Circle Foundation, a donor-advised fund, in installments over 10 years.
In March 2026, the Company re-issued 67,060 shares of Treasury stock reserved for the benefit of the Circle Foundation. As a result of this equity contribution, the Company recorded a charge of $7.7 million to General and administrative expenses within the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026.
16. Redeemable convertible preferred stock
In connection with the IPO, all outstanding shares of redeemable convertible preferred stock were converted into shares of our Class A common stock on a one-to-one basis and their carrying value of $1.1 billion was reclassified into stockholders’ equity. As such, there were no shares of redeemable convertible preferred stock issued and outstanding following the completion of the Company's IPO in June 2025.
Following is a presentation of the key characteristics and shares for each class of the Company’s preferred stock as of March 31, 2025.
Table 16.1. Details of Preferred Stocks
Preferred stock classIssue DateIssue priceConversion priceLiquidation preference
Shares issued
(in thousands)
Series A8/22/2013$0.27 $0.27 $0.27 33,621
Series B2/26/2014$0.97 $0.97 $0.97 17,586
Series C4/10/2015$2.17 $2.17 $2.17 18,445
Series D5/17/2016$2.76 $2.76 $2.76 23,203
Series EVarious$16.23 $16.23 $16.23 37,436
Series F5/9/2022$42.14 $42.14 $42.14 9,516
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Stock-based compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-based compensation
17. Stock-based compensation
Stock-based compensation expense was $51.8 million and $12.7 million for the three months ended March 31, 2026 and 2025, respectively. The capitalized stock-based compensation expense related to internally developed software was $9.4 million and $2.7 million for the three months ended March 31, 2026 and 2025, respectively.
Stock options
Granted stock options generally have 10-year terms and have vesting periods ranging from 12 months to 48 months
A summary of outstanding stock options activities for the three months ended March 31, 2026 and 2025 is presented below:
Table 17.1. Summary of Outstanding Stock Options Activities
Number of Stock
Options (in thousands)		Weighted
Average
Exercise
Price 		Weighted
Average
Remaining
Contractual
Term (in years) 		Aggregate
Intrinsic Value
(in thousands)
Balance as of December 31, 202513,450$11.36 4.2$919,115 
Options exercised (2,543)5.67 
Balance as of March 31, 202610,907$12.68 4.2$906,000 
Exercisable at March 31, 202610,348$10.97 4.0$874,255 
Number of Stock
Options (in thousands)		Weighted
Average
Exercise
Price 		Weighted
Average
Remaining
Contractual
Term (in years) 		Aggregate
Intrinsic Value
(in thousands)
Balance as of December 31, 202422,751$8.48 5.5$522,900 
Options exercised (1,009)0.64 
Options forfeited(93)20.63 
Balance as of March 31, 202521,649$8.79 5.3$462,946 
Exercisable at March 31, 202520,145$7.49 5.1$455,317 
As of March 31, 2026, unrecognized stock-based compensation cost net of estimated forfeitures related to outstanding unvested stock options that are expected to vest was $9.6 million, which is expected to be recognized over a weighted-average period of 2.5 years.
Restricted stock units (RSUs)
Prior to the IPO, RSUs granted under the award plan generally vested upon the satisfaction of both a service condition and a liquidity-event related performance condition. Both the service and liquidity-event related performance conditions needed to be met for the expense to be recognized. RSUs granted after the IPO generally vest solely based on the satisfaction of a service condition. We record stock-based compensation expense for service-based RSUs on a straight-line basis over the requisite service period, which is generally the vesting period.
Prior to the IPO, we had not recognized stock-based compensation expense related to certain RSU awards as the qualifying liquidity-event related performance condition had not yet occurred and was not considered probable of occurring. Stock-based compensation expense related to remaining service-based awards after the IPO is recorded over the remaining requisite service period.
A summary of RSUs activities for the three months ended March 31, 2026 and 2025 is as follows:
Table 17.2. Summary of Restricted Stock Units Activities
Number of
Shares (in thousands)		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 202514,711 $35.16 
RSUs granted 4,853 $69.61 
RSUs vested(2,828)$32.65 
RSUs forfeited (435)$39.79 
Balance as of March 31, 202616,301$45.73 
Number of
Shares (in thousands)		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 202419,943 $30.85 
RSUs granted 5,811 $31.16 
RSUs vested(1)$27.81 
RSUs forfeited (423)$30.23 
Balance as of March 31, 202525,330$30.93 
As of March 31, 2026, unrecognized stock-based compensation cost net of estimated forfeitures related to outstanding unvested RSUs that are expected to vest was $424.9 million, which is expected to be recognized over a weighted-average period of 3.4 years.
Shares issued for business combinations
The Company has issued the following common shares for the purchase of common shares subject to forfeiture based on certain service conditions in connection with its acquisitions. These shares were issued to the employees of the acquired businesses and are valued based on the fair value of the Company’s common shares at the acquisition date. The Company records stock-based compensation expenses over the requisite service period, with an increase to additional paid-in capital. The shares issued for business combinations are subject to forfeiture based on service conditions through various dates over a four-year period from their respective acquisition dates.
Table 17.3. Summary of Shares Issued for Business Combinations Activities
Number of
Shares (in thousands)		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 20251,744 $33.75 
Shares vested
(520)$31.16 
Balance as of March 31, 20261,224$34.84 
Number of
Shares (in thousands)		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 2024548 $47.82 
Shares issued
1,473 31.16 
Shares forfeited
(6)47.82 
Balance as of March 31, 20252,015$35.64 
As of March 31, 2026 unrecognized stock-based compensation cost net of estimated forfeitures related to outstanding unvested shares and warrants issued for business combinations that are expected to vest was $31.4 million, which is expected to be recognized over a weighted-average period of 1.7 years.
ESPP
The Company's ESPP became effective on June 4, 2025, with the grant date of the initial offering period beginning on March 5, 2026. Refer to Note 2 for additional details regarding the Company's ESPP.
As of March 31, 2026, $1.0 million has been withheld on behalf of employees for future purchases under the ESPP due to the timing of payroll deductions. As of March 31, 2026, there was approximately $1.9 million of unrecognized stock-based compensation cost net of estimated forfeitures related to the ESPP, which is expected to be recognized over a remaining period of 0.4 years.
The Company estimated the fair value of ESPP purchase rights using a Black-Scholes option-pricing model. The weighted average assumptions utilized in the valuation of ESPP purchase rights are presented below:
Table 17.4. ESPP Valuation Assumptions
March 31,
2026
Risk-free interest rate3.65 %
Expected term (years)0.5
Expected volatility 49.33 %
Expected annual dividend — 
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Earnings per share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings per share
18. Earnings per share
The computation of earnings per share is as follows (in thousands, except per share amounts):
Table 18.1. Earnings per share
Three months ended March 31,
20262025
Net income from continuing operations
$55,246 $64,791 
Less: Net loss attributable to noncontrolling interests
(7)— 
Net income attributable to common stockholders
$55,253 $64,791 
Net income attributable to common stockholders
$55,253 $64,791 
Less: Dividend preference on preferred shares
— (64,791)
Net income available to common stockholders - basic
$55,253 $— 
Net income attributable to common stockholders
$55,253 $64,791 
Less: Changes in fair value of convertible debt and warrant liability
— (2,345)
Less: Dividend preference on preferred shares
— (62,446)
Net income available to common stockholders - diluted
$55,253 $— 
Weighted-average common shares – basic244,038 57,966 
Add: Weighted-average effect of dilutive securities
22,649 17,684 
Weighted-average common shares – diluted266,687 75,650 
Earnings per common share attributable to common stockholders:
Basic earnings per common share
$0.23 $0.00 
Diluted earnings per common share
$0.21 $0.00 
The outstanding securities that were excluded from the computation of diluted earnings per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows (in thousands):
Table 18.2. Potentially Dilutive Securities
Three months ended March 31,
20262025
Redeemable convertible preferred stock
— 139,807 
Stock options and RSUs770 — 
Common stock in connection with business combinations— 150 
Total770 139,957 
v3.26.1
Accumulated other comprehensive income
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Accumulated other comprehensive income
19. Accumulated other comprehensive income
Following is a summary of the changes in each component of accumulated other comprehensive income (in thousands):
Table 19.1. Accumulated Other Comprehensive Income
Three Months Ended March 31,
20262025
Accumulated other comprehensive income
Beginning balance$14,515 $3,644 
Pre-tax change – Foreign currency translation adjustment (6,172)1,809 
Pre-tax change – Unrealized (loss) gain on convertible notes – credit risk adjustment
— (91)
Tax effect— 7 
Total accumulated other comprehensive income including noncontrolling interest, net of tax8,343 5,369 
Pre tax change - Foreign currency translation adjustment attributable to noncontrolling interest24 — 
Total accumulated other comprehensive income attributable to common stockholders, net of tax$8,367 $5,369 
v3.26.1
Prepaid expenses and other current assets
 3 Months Ended
Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid expenses and other current assets
20. Prepaid expenses and other current assets
Prepaid expenses and other current assets include the following (in thousands):
Table 20.1 Details of Prepaid Expenses and Other Current Assets
March 31, 2026December 31, 2025
Reserve income receivable$210,822 $219,221 
Prepaid expenses 37,182 24,243 
Digital financial assets 1,248 542 
Income tax receivable 66,782 65,060 
Other10,766 12,594 
Total prepaid expenses and other current assets$326,800 $321,660 
v3.26.1
Accounts payable and accrued expenses
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
Accounts payable and accrued expenses
21. Accounts payable and accrued expenses
Accounts payable and accrued expenses include the following (in thousands):
Table 21.1 Details of Accounts Payable and Accrued Expenses
March 31, 2026December 31, 2025
Accrued distribution costs$117,572 $119,038 
Stablecoin redemptions in transit
31,486 80,593 
Accrued expenses 71,551 114,272 
Accounts payable
18,643 24,733 
Income taxes payable 2,472 1,632 
Other payables20,491 20,341 
Total accounts payable and accrued expenses $262,215 $360,609 
v3.26.1
Commitments and contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies
22. Commitments and contingencies
Legal matters
The Company is subject to various litigation, regulatory investigations, and other legal proceedings that arise in the ordinary course of its business. The Company is also subject to regulatory oversight by numerous regulatory and other governmental agencies. The Company reviews its lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies for such matters when potential losses become probable and can be reasonably estimated. If the Company determines that a loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss in the unaudited Condensed Consolidated Financial Statements.
The Company is in a dispute with a financial advisor regarding advisory fees related to two engagement letters between the parties. In 2022, the Company’s Board of Directors passed resolutions terminating the engagement letters. The financial advisor has subsequently asserted that the terminations of the engagement letters are ineffective and has demanded fees and interest for various transactions. The Company believes it has properly and effectively terminated the engagement letters with the financial advisor, and strenuously disputes the financial advisor’s demand for any fees in connection with the transactions, which have all been conducted without the financial advisor’s assistance. On May 28, 2024, the financial advisor filed a lawsuit regarding the dispute. The operative complaint alleges, among other things, that the terminations of both engagement letters are ineffective and demands, among other relief, fees and interest for various transactions that occurred after termination of the engagement letters, including the Company’s IPO and follow-on public offering. The Company does not believe that the outcome of the dispute at this point can be reasonably quantified or estimated.
Commitments and other contingencies
Current tax rules related to stablecoins require significant judgments to be made in interpretation of the law, including but not limited to the withholding tax, income tax and information reporting. Additional guidance may be issued by U.S. and non-U.S. governing bodies that may significantly differ from the Company’s interpretation of the law, which could have unforeseen effects on our financial condition and results of operations, and as a result, the related impact on our financial condition and results of operations is not estimable but could be material.
v3.26.1
Subsequent events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent events
23. Subsequent events
On May 8, 2026, we entered into token purchase agreements with certain institutional investors, led by a16z crypto, pursuant to which we agreed to issue and sell to such purchasers an aggregate of 740 million ARC Tokens. The ARC Tokens were offered and sold at a purchase price of $0.30 per token, implying a fully diluted network valuation of $3.0 billion and resulting in estimated aggregate gross proceeds to us of approximately $222.0 million.
On May 8, 2026, as part of the ARC Token presale, we entered into a token purchase agreement with an entity affiliated with IDG Capital, a beneficial holder of more than 5% of our capital stock, pursuant to which we agreed to issue and sell to such entity, an aggregate of 83.3 million ARC Tokens for a purchase price of $0.30 per token or $25.0 million in the aggregate.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Sean Neville [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 27, 2026, Sean Neville, one of our directors, entered into a trading plan, intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Neville’s plan provides for the sale of up to 300,000 shares of Class A common stock (following the conversion of Class B common stock to Class A common stock immediately prior to the sales, and including shares issuable upon exercise of outstanding stock options) through December 31, 2026. Mr. Neville’s plan also provides for the one time exercise of all remaining options that expire within one year, which number of remaining options was 1,999,073 at the time of entry into the plan, and permits Mr. Neville to execute a sell-to-cover transaction following the exercise of such expiring options. The foregoing transactions will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and December 31, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements. No trades will be effected under the plan until the expiration of Mr. Neville's previously reported trading plan adopted on August 15, 2025.
Name Sean Neville
Title directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 27, 2026
Expiration Date December 31, 2026
Arrangement Duration 451 days
Aggregate Available 300,000
Jeremy Allaire [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 3, 2026, Jeremy Allaire, our Co-Founder, Chairman, and Chief Executive Officer, terminated his previously reported trading plan adopted on August 14, 2025 (the “Previous Allaire Plan”). As of the termination of the Previous Allaire Plan, 31,251 shares of our Class A common stock had been sold under the plan. The adoption and subsequent termination of the Previous Allaire Plan each occurred during an open trading window and in accordance with the Company’s policies. On March 4, 2026, Mr. Allaire entered into a new trading plan, intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Allaire’s plan provides for the sale of up to 373,589 shares of Class A common stock through November 30, 2026, which includes (i) 337,205 shares of Class A common stock held directly by Mr. Allaire (following the conversion of Class B common stock to Class A common stock immediately prior to the sales) and (ii) an aggregate of 36,384 shares of Class A common stock held through Spruce Trust, Oak Trust, Chestnut Trust, and Beech Trust, each an irrevocable non-grantor trust, of which Mr. Allaire’s legal counsel is the sole trustee and Mr. Allaire’s children are beneficiaries. The foregoing sales will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and November 30, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements.
Jeremy Fox-Geen [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 6, 2026, Jeremy Fox-Geen, our Chief Financial Officer, entered into a trading plan, intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Fox-Geen’s plan provides for the sale of up to 153,549 shares of Class A common stock (including shares issuable upon exercise of outstanding stock options) through November 30, 2026. The foregoing sales will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and November 30, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements. No trades will be effected under the plan until the expiration of Mr. Fox-Geen’s previously reported trading plan adopted on August 14, 2025.
Name Jeremy Fox-Geen
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date On March 6, 2026
Expiration Date November 30, 2026
Arrangement Duration 269 days
Aggregate Available 153,549
Heath Tarbert [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 10, 2026, Heath Tarbert, our President, entered into a trading plan, intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Tarbert’s plan provides for the sale of up to 160,000 shares of Class A common stock (including shares issuable upon exercise of outstanding stock options) through December 31, 2026. The foregoing sales will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and December 31, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements. No trades will be effected under the plan until the expiration of Mr. Tarbert’s previously reported trading plan adopted on August 14, 2025.
Name Heath Tarbert
Title President
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 10, 2026
Expiration Date December 31, 2026
Arrangement Duration 296 days
Aggregate Available 160,000
Nikhil Chandhok [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 10, 2026, Nikhil Chandhok, our Chief Product and Technology Officer, entered into a trading plan, intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Chandhok’s plan provides for the sale of up to 200,144 shares of Class A common stock (including shares issuable upon exercise of outstanding stock options) through December 8, 2026. Mr. Chandhok’s plan also provides for the one time exercise of 660,000 options and permits Mr. Chandhok to execute a sell-to-cover transaction following the exercise of such options. The foregoing transactions will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and December 8, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements. No trades will be effected under the plan until the expiration of Mr. Chandhok’s previously reported trading plan adopted on August 15, 2025.
Name Nikhil Chandhok
Title Chief Product and Technology Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 10, 2026
Expiration Date December 8, 2026
Arrangement Duration 273 days
Aggregate Available 200,144
Hossein Razzaghi [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 9, 2026, Hossein Razzaghi, our Chief Commercial Officer, terminated his previous trading plan, entered into on August 27, 2025 before Mr. Razzaghi was an executive officer (the “Previous Razzaghi Plan”). As of the termination of the Previous Razzaghi Plan, 43,119 shares of our Class A common stock had been sold under the plan. The adoption and subsequent termination of the Previous Razzaghi Plan each occurred during an open trading window and in accordance with the Company’s policies. On March 10, 2026, Mr. Razzaghi entered into a new trading plan, intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Razzaghi’s plan provides for the sale of up to 113,122 shares of Class A common stock (including shares issuable upon exercise of outstanding stock options) through December 10, 2026. The foregoing sales will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and December 10, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements.
Follow On Offering Trading Plan Post Convesion [Member] | Jeremy Allaire [Member]  
Trading Arrangements, by Individual  
Name Mr. Allaire
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 4, 2026
Expiration Date November 30, 2026
Arrangement Duration 265 days
Aggregate Available 373,589
Follow On Offering Trading Plan Post Convesion [Member] | Hossein Razzaghi [Member]  
Trading Arrangements, by Individual  
Name Razzaghi
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 10, 2026
Expiration Date December 10, 2026
Arrangement Duration 275 days
Aggregate Available 113,122
Previous Allaire Plan [Member] | Jeremy Allaire [Member]  
Trading Arrangements, by Individual  
Name Jeremy Allaire
Title Co-Founder, Chairman, and Chief Executive Officer
Rule 10b5-1 Arrangement Terminated true
Termination Date March 3, 2026
Previous Razzaghi Plan [Member] | Hossein Razzaghi [Member]  
Trading Arrangements, by Individual  
Name Hossein Razzaghi
Title Chief Commercial Officer
Rule 10b5-1 Arrangement Terminated true
Termination Date March 9, 2026
v3.26.1
Summary of significant accounting policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation
Basis of Presentation and Principles of Consolidation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”) and the applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted. Accordingly, the unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 9, 2026.
There have been no changes to our significant accounting policies described in the audited Consolidated Financial Statements as of and for the year ended December 31, 2025 included in our Annual Report on Form 10-K that have had a material impact on our unaudited Condensed Consolidated Financial Statements and accompanying notes. The Company consolidates entities in which it has a controlling financial interest. All intercompany balances and transactions have been eliminated on consolidation.
Reclassifications
Reclassifications
Certain prior period amounts have been reclassified in order to conform with the current period presentation. The impact of these reclassifications is immaterial to the presentation of the unaudited Condensed Consolidated Financial Statements taken as a whole and had no impact on previously reported total assets, total liabilities and net income.
Use of Estimates
Use of Estimates
The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and disclosures in the accompanying notes.
Significant estimates that are particularly susceptible to significant change relate to the fair value of stock-based awards issued prior to the IPO, the fair value of convertible debt, the fair value of derivatives and embedded derivatives, the fair value of investments under measurement alternative, the assessment of the amount and likelihood of adverse outcomes from claims and disputes, the valuation of intangible assets acquired in business combinations, including goodwill and acquisition-date deferred taxes, contingent liabilities, and the recognition and measurement of current and deferred income taxes. The Company bases its estimates on historical experience and various other assumptions which we believe to be reasonable under the circumstances. These estimates may change as new events occur and additional information becomes available. Actual amounts or results could differ from these estimates and any such differences may be material to the financial statements. The unaudited Condensed Consolidated Financial Statements have been prepared on the same basis as the audited Consolidated Financial Statements, and in management’s opinion, reflect all adjustments, consisting only of normal, recurring adjustments, that are necessary for the fair presentation but are not necessarily indicative of the results expected for the full year or any other period.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents are cash and short-term, highly liquid investments with original maturities of three months or less at the date of purchase. The Company holds certain U.S. Treasury securities included in Cash and cash equivalents and accounts for them as financial assets under the fair value option pursuant to ASC 825, Financial Instruments, because the Company believes that measurement at fair value provides more useful information to financial statement users due to the short-term, highly liquid nature of the securities.
Assets Segregated for the Benefit of Stablecoin Holders
Assets Segregated for the Benefit of Stablecoin Holders
The Company segregates assets backing Circle stablecoins to satisfy its obligations under all applicable regulatory requirements and commercial laws and classifies these assets as current based on their purpose and availability to fulfill its direct obligation to customers. The Company holds only bare legal title in the accounts holding the reserve funds, and maintains no legal, equitable, financial or ownership interest over the reserves themselves held for the benefit of Circle stablecoin holders in such accounts. The Company’s eligible liquid assets were greater than the aggregate amount of custodial funds due to customers for the periods presented. Refer to Deposits from Stablecoin Holders in this note for further details.
Cash and cash equivalents segregated for the benefit of stablecoin holders and Cash and cash equivalents segregated for corporate-held stablecoins
Cash and cash equivalents segregated for the benefit of stablecoin holders and Cash and cash equivalents segregated for corporate-held stablecoins represent cash and cash equivalents maintained in segregated accounts that are held for the exclusive benefit of customers and stablecoin holders, including stablecoins held by the Company. The Company’s subsidiaries hold shares in the Circle Reserve Fund (the “Fund”), a money market fund managed by BlackRock Advisors, LLC. The securities purchased by the Fund are subject to the quality, diversification, and other requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended. Shares of the Fund are only available for purchase by certain subsidiaries of the Company.
The Company accounts for the Fund as a financial asset under the fair value option pursuant to ASC 825, Financial Instruments, because the Company believes that measurement at fair value provides more useful information to financial statement users due to the short-term, highly liquid nature of the Fund. The shares of the Fund would otherwise be accounted for under the equity method pursuant to ASC 323, Equity Method and Joint Ventures, if the Company had not elected the fair value option. The Company measures fair value at the Fund’s net asset value per share. As of March 31, 2026 and December 31, 2025, balances held in the Fund included in Cash and cash equivalents segregated for the benefit of stablecoin holders were $66.5 billion and $66.3 billion, respectively, and the Fund has maintained a net asset value of $1.00 per share for all periods presented. In connection with the Fund, dividends receivable are included in Prepaid expenses and other current assets on the unaudited Condensed Consolidated Balance Sheets and dividend income is included in Reserve income in the unaudited Condensed Consolidated Statements of Operations.
Digital Assets
Digital Assets
The Company receives, purchases, utilizes, and sells digital assets in the ordinary course of business and holds certain digital assets as investments. Digital assets are measured at fair value based on quoted market prices in active markets. If no quoted market price is available, digital assets are measured at fair value using a cost approach or other comparable approach. Changes in fair value of digital assets held in the ordinary course of business are recognized in Digital assets losses (gains) in the unaudited Condensed Consolidated Statements of Operations. Changes in fair value of digital assets held as investments are recognized in Other income (expense), net in the unaudited Condensed Consolidated Statements of Operations. Gains and losses upon sale of digital assets are measured as the difference between the cash proceeds and the carrying basis of the digital assets as determined on a first-in, first-out (“FIFO”) basis for each pool of digital assets. These realized gains and losses on digital assets held in the ordinary course of business are recorded to Digital assets losses (gains), and realized gains and losses on digital assets held as investments are recorded to Other income (expense), net.
Deposits from Stablecoin Holders
Deposits from Stablecoin Holders
Funds received from customers from the issuance of Circle stablecoins represent claims which are reflected as a liability classified as Deposits from stablecoin holders on the unaudited Condensed Consolidated Balance Sheets. As a licensed money transmitter and regulated Electronic Money Institution, Circle is obligated to redeem all Circle stablecoins presented by Circle Mint customers on a one-for-one basis for U.S. dollars or euros, as applicable, except in limited circumstances, such as when prohibited by law or court order or instances where fraud is suspected. As such, the Company does not have an unconditional right to deny Circle stablecoin redemption requests from Circle Mint customers. With the exception of general stablecoin holders subject to specific regulatory requirements such as those in the European Union, the Company does not redeem Circle stablecoins from stablecoin holders who are not Circle Mint customers. However, Circle stablecoins are supported by numerous global digital asset exchanges and marketplaces, including neo-banks, brokerages, payment providers, remittance providers, superapps and commerce companies, and as such, Circle stablecoin holders could transact with Circle Mint customers, ultimately allowing the Circle stablecoins to be redeemed. Deposits from stablecoin holders do not include amounts associated with corporate-held stablecoins. Cash associated with such corporate-held stablecoins is presented as Cash and cash equivalents segregated for corporate-held stablecoins on the unaudited Condensed Consolidated Balance Sheets.
When the Company makes payments in the form of corporate-held stablecoins, the Company records an associated Deposits from stablecoin holders and records the cash associated with such stablecoins as Cash and cash equivalents segregated for the benefit of stablecoin holders. When such payments, in the form of corporate-held stablecoins, are for distribution, transaction and other costs or operating expenses incurred, the payments are presented in the unaudited Condensed Consolidated Statements of Cash Flows in the same manner as if such payments were settled in cash.
As of March 31, 2026 and December 31, 2025, the Company’s eligible liquid assets, which consist of cash and cash equivalents, were greater than the aggregate amount of custodial funds due to stablecoin holders.
Stock-Based Compensation
Stock-Based Compensation
Until the date on which our IPO registration statement was declared effective by the SEC on June 4, 2025, the Company provided stock options and restricted stock units (“RSUs”) to its employees and board members under the 2024 Share Award Plan, as amended, which assumed the obligations under the 2013 Share Award Scheme. The Board and our stockholders approved and adopted the 2025 Omnibus Incentive Plan and 2025 Employee Stock Purchase Plan (“ESPP”) which became effective on June 4, 2025 concurrent with the effectiveness of our IPO registration statement. The 2025 Omnibus Incentive Plan provides for the granting of stock options including incentive stock options (“ISOs”), nonqualified stock options (“NSOs”), share appreciation rights (“SARs”), restricted stock, RSUs, performance awards, other cash-based awards and other share-based awards. The number of shares available for grant and issuance under the 2025 Omnibus Incentive Plan is automatically increased on the first day of each fiscal year of our Company following the effective date of the Plan by a number equal to the lesser of (i) 5% of the aggregate number of shares of all classes of our common stock outstanding on the last day of the immediately preceding fiscal year; and (ii) the number of shares determined by the Compensation Committee in its discretion. The number of shares available for grant and issuance under the ESPP is automatically increased on the first day of each fiscal year of our Company following the effective date of the Plan by a number equal to the lesser of (i) 1% of the aggregate number of shares of all classes of our common stock outstanding on the last day of the immediately preceding fiscal year; and (ii) the number of shares determined by the Board in its discretion and subject to a limit on the maximum number of shares of our Class A common stock that may be issued under the ESPP. Collectively, these plans are referred to as the “Award Plans”. The Award Plans are administered by the Board and, where delegated, its committees, who have the authority to grant and amend awards, adopt, amend, and repeal rules relating to the Award Plans and to interpret and correct the provisions of the Award Plans and any award. Pursuant to the Award Plans, the Board and, where delegated, its committees, select the individuals to whom options or RSUs are granted and determine the terms of each award, including (i) the number of shares of common stock subject to the award; (ii) conditions and limitations applicable to each award and the common stock issued, including vesting provisions; (iii) the option exercise price, which must be at least 100.0% of the fair market value of the common stock as of the date of grant; and (iv) the duration of the award, which may not exceed 10 years.
The Board and, where delegated, its committees, may also grant restricted stock awards entitling recipients to acquire shares of common stock subject to (i) delivery to Circle by the participant of cash or other lawful consideration in an amount at least equal to the par value of the stock purchased, and (ii) the right of Circle to repurchase all or part of such stock at their issue price in the event that conditions specified in the applicable award are not satisfied prior to the end of the applicable restriction period.
In certain circumstances, the Company also grants stock-based awards to non-employees in lieu or in reduction of cash compensation for their services. The stock-based awards granted to non-employees generally have the same terms as those granted to employees under the Award Plans and are administered by the Board and, where delegated, its committees, as set forth above. For stock-based awards granted to non-employees, compensation expense is recognized based on the grant date fair value of the awards over the vesting period as the goods or services are received.
The ESPP allows eligible employees the option to purchase shares of the Company's Class A common stock at a 15% discount, over a series of offering periods through accumulated payroll deductions over the period. The ESPP also includes a look-back provision for the purchase price if the stock price on the purchase date is higher than the stock price on the first day of the offering period. The grant date of the initial offering period is March 5, 2026 and will end on September 4, 2026. Subsequent offering periods will be six months in length, from September 5 to March 4 and from March 5 to September 4 each year.
The Company recognizes stock-based compensation expense, net of estimated forfeitures, using a fair-value based method for costs related to all equity awards issued under the equity incentive plans, including options and RSUs granted to employees, directors, and non-employees. Stock-based compensation expense is recognized and included in Compensation expenses in the unaudited Condensed Consolidated Statements of Operations.
The Company estimates the fair value of stock options and ESPP with only service-based conditions on the date of grant using the Black-Scholes-Merton (“Black-Scholes”) option-pricing model. The fair value of the stock option and ESPP shares is expensed over the related service period which is typically the vesting period and the straight-line method is used for expense attribution. The model requires management to make a number of assumptions, including the fair value of our underlying common stock for options granted prior to the IPO, expected volatility of our underlying common stock, expected term of the stock option, risk-free interest rate, and expected dividend yield. The expected term of the stock option and ESPP is based on the average period the stock option and ESPP is expected to remain outstanding based on the stock option’s and ESPP's vesting and contractual terms. The estimated forfeiture rate is based on accumulated historical forfeiture data. The Company evaluates the assumptions used to value stock awards quarterly.
Prior to the IPO, the RSUs vested upon the satisfaction of both a service condition and a liquidity condition. The fair value of RSUs is estimated based on the fair value of our common stock on the date of grant. Stock-based compensation expense related to the RSUs is recorded on a tranche-by-tranche basis over the requisite service period, when the liquidity condition is considered probable. The liquidity condition was satisfied upon the IPO, and the Company recognized expense for the portion of RSUs that had met the service condition as of such date.
The Company’s RSUs granted after the IPO vest upon the satisfaction of a service condition and do not have a corresponding liquidity condition. Expense related to these RSUs is recognized using the straight-line attribution method.
Recently Adopted and Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 enhances income tax disclosures, including more detailed requirements related to the rate reconciliation and disaggregation of income taxes paid by jurisdiction, among other items. The Company adopted ASU 2023-09 retrospectively effective for the year ended December 31, 2025. The adoption has only impacted annual disclosures.
Recently Issued Accounting Pronouncements
In September 2025, the FASB issued Accounting Standards Update No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 removes all references to software development project stages under the existing standard and states that an entity is required to start capitalizing software costs when (1) management has authorized and committed to fund the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended (the “probable-to-complete recognition threshold”). The new standard also states that an entity must assess whether significant development uncertainty exists in determining whether it has met the probable-to-complete recognition threshold. ASU 2025-06 is effective for the Company for its fiscal year beginning January 1, 2028 and for interim periods beginning in that year, with early adoption permitted. The guidance allows for prospective, retrospective, or modified prospective adoption. The Company is currently assessing ASU 2025-06 and its impact on its financial statements and disclosures.
In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 is intended to provide users of financial statements with more decision-useful information about expenses of a public business entity, primarily through enhanced disclosures of certain components of expenses commonly presented within captions on the statement of operations, such as employee compensation and depreciation and amortization, as well as a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 also requires disclosure of the total amount of selling expenses. ASU 2024-03 is effective prospectively or retrospectively for the Company for its fiscal year beginning January 1, 2027 and for interim periods beginning January 1, 2028, with early adoption permitted. The Company is currently assessing ASU 2024-03 and its impact on its disclosures.
v3.26.1
Acquisitions and divestitures (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands):
Cash and cash equivalents$2,412 
Accounts receivable, net193 
Prepaid expenses and other current assets109 
Fixed assets, net8 
Digital assets104 
Goodwill96,198 
Intangible assets, net4,480 
Accounts payable and accrued expenses(655)
Other current liabilities
(2,383)
Deferred tax liabilities, net(401)
Total purchase consideration$100,065 
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Components of Lease Cost
The components of lease cost were as follows (in thousands):
Table 4.1. Lease Cost
Three months ended March 31,
20262025
Operating lease cost$830 $838 
Short-term lease cost    $224 $167 
Schedule of Supplemental Balance Sheet
Supplemental balance sheet information related to leases is as follows (in thousands):
Table 4.2. Details of Lease Right-of-use Assets and Liabilities
March 31, 2026December 31, 2025
Operating lease right-of-use assets
$13,980 $14,127 
Operating lease liabilities - current2,947 2,686 
Operating lease liabilities - non-current11,815 11,978 
Total operating lease liabilities$14,762 $14,664 
Weighted-average lease terms and discount rates are as follows:
Table 4.3. Weighted-average Lease Terms and Discount Rates
March 31, 2026December 31, 2025
Weighted-average remaining lease term
7.2 years
7.4 years
Weighted-average discount rates13.5 %13.4 %
Schedule of Maturities of Lease Liabilities
Maturities of lease liabilities under operating leases are as follows (in thousands):
Table 4.4. Maturities of Lease Liabilities
Years ending December 31,
2026 (remaining 9 months)$2,505 
20273,154 
20282,787 
20293,058 
20303,119 
Thereafter8,825 
Total lease payments23,448 
Less: imputed interest
8,686 
Total lease liabilities$14,762 
v3.26.1
Intangible assets, net (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
The useful life of the Company’s finite-lived acquired intangible assets is as follows:
Table 5.1. Acquired Intangible Assets Useful Life
Acquired intangible assets
Useful life (years) at acquisition
Developed technology 2
~
6
Customer relationships 2
Regulatory licenses 5
Patents and trade name
2
~
17
Intangible assets consists of the following (in thousands):
Table 5.2. Details of Intangible Assets, net
As of March 31, 2026Gross
carrying
amount 		Accumulated
amortization		Intangible
assets, net 		Weighted
average
remaining
useful
life (in years)
Amortizing intangible assets
Internally developed software $304,725 $(185,138)$119,587 1.4
Acquired intangible assets
48,309 (13,709)34,600 2.7
Total amortizing intangible assets
$353,034 $(198,847)$154,187 
Indefinite-lived intangible assets
Acquired intangible assets
266,830 — 266,830 
Total intangible assets, net$619,864 $(198,847)$421,017 
As of December 31, 2025Gross
carrying
amount		Accumulated
amortization		Intangible
assets, net		Weighted
average
remaining
useful
life (in years)
Amortizing intangible assets
Internally developed software $279,472 $(161,666)$117,806 1.5
Acquired intangible assets
38,109 (11,599)26,510 3.0
Total amortizing intangible assets
$317,581 $(173,265)$144,316 
Indefinite-lived intangible assets
Acquired intangible assets
266,830 — 266,830 
Total intangible assets, net$584,411 $(173,265)$411,146 
Acquired intangible assets include certain technology that enhances cross-chain interoperability which was acquired from Interop Labs Inc. and Rapidx Labs, Inc. in January 2026 for total consideration of $10.0 million. The acquisition was accounted for as an asset acquisition, resulting in the recognition of intangible assets which are amortized over a period of two years.
Amortization expense of intangible assets consists of the following (in thousands):
5.3. Details of Amortization Expense of Intangible Assets
Three months ended March 31,
20262025
Amortization expense on internally developed software
$23,662 $12,116 
Amortization expense on acquired intangible assets
2,110 1,350 
Total amortization expense of intangible assets
$25,772 $13,466 
Schedule of Indefinite-Lived Intangible Assets
Intangible assets consists of the following (in thousands):
Table 5.2. Details of Intangible Assets, net
As of March 31, 2026Gross
carrying
amount 		Accumulated
amortization		Intangible
assets, net 		Weighted
average
remaining
useful
life (in years)
Amortizing intangible assets
Internally developed software $304,725 $(185,138)$119,587 1.4
Acquired intangible assets
48,309 (13,709)34,600 2.7
Total amortizing intangible assets
$353,034 $(198,847)$154,187 
Indefinite-lived intangible assets
Acquired intangible assets
266,830 — 266,830 
Total intangible assets, net$619,864 $(198,847)$421,017 
As of December 31, 2025Gross
carrying
amount		Accumulated
amortization		Intangible
assets, net		Weighted
average
remaining
useful
life (in years)
Amortizing intangible assets
Internally developed software $279,472 $(161,666)$117,806 1.5
Acquired intangible assets
38,109 (11,599)26,510 3.0
Total amortizing intangible assets
$317,581 $(173,265)$144,316 
Indefinite-lived intangible assets
Acquired intangible assets
266,830 — 266,830 
Total intangible assets, net$584,411 $(173,265)$411,146 
Acquired intangible assets include certain technology that enhances cross-chain interoperability which was acquired from Interop Labs Inc. and Rapidx Labs, Inc. in January 2026 for total consideration of $10.0 million. The acquisition was accounted for as an asset acquisition, resulting in the recognition of intangible assets which are amortized over a period of two years.
Schedule of Future Amortization Expense
The expected future amortization expense for intangible assets is as follows (in thousands):
Table 5.4. Future Amortization Expense of Intangible Assets

Years ending December 31,
2026 (remaining 9 months)$78,977 
202765,740 
20287,919 
2029125 
2030125 
Thereafter 1,301 
Total amortization expense $154,187 
v3.26.1
Fixed assets, net (Tables)
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Schedule of Fixed Asset, Net
The following table presents our major categories of fixed assets, net (in thousands):
Table 6.1. Details of Fixed Assets, net
March 31, 2026December 31, 2025
Computers & equipment
$6,518 $5,815 
Leasehold improvements
20,098 20,102 
Other
4,112 4,113 
Total fixed assets30,728 30,030 
Less: accumulated depreciation
(8,208)(7,239)
Total fixed assets, net$22,520 $22,791 
v3.26.1
Digital assets (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Digital Assets
The composition of digital assets included the following (in thousands, except quantity):
Table 7.1. Details of Digital Assets
March 31, 2026December 31, 2025
QuantityCost BasisFair ValueQuantityCost BasisFair Value
Canton Coin391,371,628$17,138 $58,964 367,760,063$13,612 $56,028 
Bitcoin742,286 5,019 732,255 6,409 
Sui3,980,7998,775 3,494 3,838,4058,599 5,385 
Ether1,7474,525 3,673 1,7474,529 5,188 
Other digital assets(1)
n.m.30,649 13,067 n.m.26,880 13,505 
Total digital assets$63,373 $84,217 $55,875 $86,515 
(1) Includes other digital asset balances, none of which individually represented more than 10% of the fair value of the total digital assets.
n.m.= not meaningful
Schedule of Gain (Losses)
Digital assets losses (gains) consists of the following (in thousands):
Table 7.2. Digital assets losses (gains)
Three months ended March 31,
20262025
(Gains)/losses on disposals of digital assets$— $(23)
Unrealized (gains)/losses on changes in fair value of digital assets856 6,293 
Total$856 $6,270 
v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Equity Method Investments
The changes in the carrying value of equity investments carried under the measurement alternative along with investments in limited partnerships and certain forward contracts to purchase a specified quantity of equity shares in private companies are presented below (in thousands):
Table 8.1. Changes in the Carrying Value of Equity Investments under Measurement Alternative
Balance as of December 31, 2025$78,508 
Net investments and returns in privately held companies12,471 
Upward adjustments6,490 
Downward adjustments(951)
Realized gains (losses) and impairments
(161)
Balance as of March 31, 2026(1)
$96,357 
(1)Excludes $3.7 million of strategic investments not accounted for under the measurement alternative as of March 31, 2026.

Balance as of December 31, 2024$68,229 
Net investments and returns in privately held companies
2,050 
Upward adjustments879 
Downward adjustments
(1,229)
Realized gains (losses) and impairments
34 
Balance as of March 31, 2025(1)
$69,963 
(1) Excludes $7.6 million of strategic investments not accounted for under the measurement alternative as of March 31, 2025.
v3.26.1
Derivatives and embedded derivatives (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value of the Company’s derivatives and embedded derivatives are as follows (in thousands):
Table 9.1. Fair Value of Derivative and Embedded Derivative Assets and Liabilities
March 31, 2026December 31, 2025
Investments - embedded derivatives$161 $899 
Investments - derivatives$461 $473 
Accounts receivable, net - embedded derivatives
$19,174 $19,942 
The following table summarizes notional amounts related to derivatives and embedded derivatives (in thousands):
Table 9.2. Notional Amounts of Derivative and Embedded Derivative Assets and Liabilities
March 31, 2026December 31, 2025
Investments - embedded derivatives$1,414 $1,153 
Investments - derivatives$506 $582 
Accounts receivable, net - embedded derivatives
$4,000 $4,000 
Schedule of Derivative Instruments, Gain (Loss)
Gains (losses) on derivatives and embedded derivatives included in Other income (expense), net in the unaudited Condensed Consolidated Statements of Operations are as follows (in thousands):
Table 9.3. Gains (losses) on Derivatives and Embedded Derivatives
Three months ended March 31,
20262025
Accounts receivable, net - embedded derivatives
$(1,161)$(976)
Investments - derivatives and embedded derivatives
$(417)$(5,340)
v3.26.1
Fair value measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis. The carrying amounts of certain financial instruments, including cash, accounts receivable, prepaid expenses and other current assets, and accounts payable and accrued expenses approximate their fair values due to their short-term nature.
Table 10.1. Fair Value Hierarchy
(in thousands)March 31, 2026December 31, 2025
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Assets
Cash equivalents(1)
$67,596,121 $— $— $67,483,506 $— $— 
Digital assets84,217 — — 86,515 — — 
Digital financial assets
1,248 — — 542 — — 
Investments - derivatives and embedded derivatives(2)(3)
— 622 — — 1,372 — 
Accounts receivable, net - embedded derivatives(4)
— 19,174 — — 19,942 — 
Total assets$67,681,586 $19,796 $— $67,570,563 $21,314 $— 
Liabilities
Convertible debt, net of debt discount$— $— $— $— $— $36,821 
Total liabilities$— $— $— $— $— $36,821 
(1) Included $66.5 billion and $66.3 billion of Circle Reserve Fund as of March 31, 2026 and December 31, 2025, respectively, and $10.1 million and nil of U.S. Treasury securities as of March 31, 2026 and December 31, 2025, respectively.
(2) The fair value measurement is based on the quoted market price of the underlying digital asset.
(3) Excluded the host contract balance of $1.4 million and $1.2 million as of March 31, 2026 and December 31, 2025, respectively.
(4) Excluded the host contract balance of $4.0 million as of March 31, 2026 and December 31, 2025 .
Schedule of Roll-Forward of Fair Value for the Company’s Warrant Liabilities The changes in carrying value of warrant liability is reflected in the following table (in thousands):
Table 10.2. Changes in Carrying Value of Warrant Liability
Balance as of December 31, 2024$1,591 
Warrants exercised
(1,591)
Balance as of March 31, 2025$— 
The changes in carrying value of convertible debt, net of debt discount are reflected in the following tables (in thousands):
Table 10.3. Changes in Carrying Value of Convertible Debt
Balance as of December 31, 2025$36,821 
Net discount on convertible notes — 
Capitalized interest — 
Fair value adjustment 2,558 
Fair value adjustment  –  credit risk — 
Conversion of convertible notes
(39,379)
Balance as of March 31, 2026$— 
Balance as of December 31, 2024$40,717 
Net discount on convertible notes 206 
Capitalized interest 334 
Fair value adjustment (3,934)
Fair value adjustment  –  credit risk 91 
Balance as of March 31, 2025$37,414 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following significant unobservable inputs were used in the valuation:
Table 10.4. Significant Unobservable Inputs
March 31, 2026December 31, 2025
Discount rate — %8.0 %
Volatility — %44.8 %
Risk-free rate — %3.7 %
v3.26.1
Revenue recognition (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue Recognition and Deferred Revenue [Abstract]  
Schedule of Disaggregation of Revenue
Table 11.1. Revenue by Product and Service
Three months ended March 31,
20262025
Reserve income
$652,508 $557,911 
Other revenue:
Subscription and services$34,861 $17,488 
Transaction revenue6,730 2,849 
Other 34 325 
Total other revenue41,625 20,662 
Total revenue and reserve income
$694,133 $578,573 
Schedule of Changes in Deferred Revenue The changes in our deferred revenue are reflected in the following table (in thousands):
Table 11.2. Changes in Deferred Revenue
Balance at December 31, 2025$11,512 
Deferred revenue billed in the current period, net of recognition
2,087 
Revenue recognized that was included in the beginning period (7,609)
Balance at March 31, 2026$5,990 
Balance at December 31, 2024$13,390 
Deferred revenue billed in the current period, net of recognition
9,456 
Revenue recognized that was included in the beginning period (9,845)
Balance at March 31, 2025$13,001 
v3.26.1
Other income (expense), net (Tables)
 3 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
Schedule of Major Categories of Other Income (Expense), Net
The following table presents our major categories of Other income (expense), net (in thousands):
Table 12.1. Other income (expense), net
Three months ended March 31,
20262025
Gains (losses) on digital assets and other investments, net $(3,576)$(8,263)
Interest income on corporate balances13,709 7,965 
Changes in fair value of convertible debt, warrant liability, embedded derivatives and U.S. Treasury securities
(4,108)(2,382)
Interest expense and amortization of discount
(38)(335)
Foreign currency exchange gain (loss)
5,121 (539)
Other, net 575 451 
Total Other income (expense), net
$11,683 $(3,103)
v3.26.1
Redeemable convertible preferred stock (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Preferred Stocks
Following is a presentation of the key characteristics and shares for each class of the Company’s preferred stock as of March 31, 2025.
Table 16.1. Details of Preferred Stocks
Preferred stock classIssue DateIssue priceConversion priceLiquidation preference
Shares issued
(in thousands)
Series A8/22/2013$0.27 $0.27 $0.27 33,621
Series B2/26/2014$0.97 $0.97 $0.97 17,586
Series C4/10/2015$2.17 $2.17 $2.17 18,445
Series D5/17/2016$2.76 $2.76 $2.76 23,203
Series EVarious$16.23 $16.23 $16.23 37,436
Series F5/9/2022$42.14 $42.14 $42.14 9,516
v3.26.1
Stock-based compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Outstanding Stock Options Activities
A summary of outstanding stock options activities for the three months ended March 31, 2026 and 2025 is presented below:
Table 17.1. Summary of Outstanding Stock Options Activities
Number of Stock
Options (in thousands)		Weighted
Average
Exercise
Price 		Weighted
Average
Remaining
Contractual
Term (in years) 		Aggregate
Intrinsic Value
(in thousands)
Balance as of December 31, 202513,450$11.36 4.2$919,115 
Options exercised (2,543)5.67 
Balance as of March 31, 202610,907$12.68 4.2$906,000 
Exercisable at March 31, 202610,348$10.97 4.0$874,255 
Number of Stock
Options (in thousands)		Weighted
Average
Exercise
Price 		Weighted
Average
Remaining
Contractual
Term (in years) 		Aggregate
Intrinsic Value
(in thousands)
Balance as of December 31, 202422,751$8.48 5.5$522,900 
Options exercised (1,009)0.64 
Options forfeited(93)20.63 
Balance as of March 31, 202521,649$8.79 5.3$462,946 
Exercisable at March 31, 202520,145$7.49 5.1$455,317 
Summary of Restricted Stock Units Activities
A summary of RSUs activities for the three months ended March 31, 2026 and 2025 is as follows:
Table 17.2. Summary of Restricted Stock Units Activities
Number of
Shares (in thousands)		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 202514,711 $35.16 
RSUs granted 4,853 $69.61 
RSUs vested(2,828)$32.65 
RSUs forfeited (435)$39.79 
Balance as of March 31, 202616,301$45.73 
Number of
Shares (in thousands)		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 202419,943 $30.85 
RSUs granted 5,811 $31.16 
RSUs vested(1)$27.81 
RSUs forfeited (423)$30.23 
Balance as of March 31, 202525,330$30.93 
Summary of Outstanding Unvested Stock Options Activities
Table 17.3. Summary of Shares Issued for Business Combinations Activities
Number of
Shares (in thousands)		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 20251,744 $33.75 
Shares vested
(520)$31.16 
Balance as of March 31, 20261,224$34.84 
Number of
Shares (in thousands)		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 2024548 $47.82 
Shares issued
1,473 31.16 
Shares forfeited
(6)47.82 
Balance as of March 31, 20252,015$35.64 
Summary of Weighted Average Assumptions Utilised in the Valuation of Options Granted
The Company estimated the fair value of ESPP purchase rights using a Black-Scholes option-pricing model. The weighted average assumptions utilized in the valuation of ESPP purchase rights are presented below:
Table 17.4. ESPP Valuation Assumptions
March 31,
2026
Risk-free interest rate3.65 %
Expected term (years)0.5
Expected volatility 49.33 %
Expected annual dividend — 
v3.26.1
Earnings per share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Net Income Per Share
The computation of earnings per share is as follows (in thousands, except per share amounts):
Table 18.1. Earnings per share
Three months ended March 31,
20262025
Net income from continuing operations
$55,246 $64,791 
Less: Net loss attributable to noncontrolling interests
(7)— 
Net income attributable to common stockholders
$55,253 $64,791 
Net income attributable to common stockholders
$55,253 $64,791 
Less: Dividend preference on preferred shares
— (64,791)
Net income available to common stockholders - basic
$55,253 $— 
Net income attributable to common stockholders
$55,253 $64,791 
Less: Changes in fair value of convertible debt and warrant liability
— (2,345)
Less: Dividend preference on preferred shares
— (62,446)
Net income available to common stockholders - diluted
$55,253 $— 
Weighted-average common shares – basic244,038 57,966 
Add: Weighted-average effect of dilutive securities
22,649 17,684 
Weighted-average common shares – diluted266,687 75,650 
Earnings per common share attributable to common stockholders:
Basic earnings per common share
$0.23 $0.00 
Diluted earnings per common share
$0.21 $0.00 
Schedule of Potentially Dilutive Securities
The outstanding securities that were excluded from the computation of diluted earnings per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows (in thousands):
Table 18.2. Potentially Dilutive Securities
Three months ended March 31,
20262025
Redeemable convertible preferred stock
— 139,807 
Stock options and RSUs770 — 
Common stock in connection with business combinations— 150 
Total770 139,957 
v3.26.1
Accumulated other comprehensive income (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Following is a summary of the changes in each component of accumulated other comprehensive income (in thousands):
Table 19.1. Accumulated Other Comprehensive Income
Three Months Ended March 31,
20262025
Accumulated other comprehensive income
Beginning balance$14,515 $3,644 
Pre-tax change – Foreign currency translation adjustment (6,172)1,809 
Pre-tax change – Unrealized (loss) gain on convertible notes – credit risk adjustment
— (91)
Tax effect— 7 
Total accumulated other comprehensive income including noncontrolling interest, net of tax8,343 5,369 
Pre tax change - Foreign currency translation adjustment attributable to noncontrolling interest24 — 
Total accumulated other comprehensive income attributable to common stockholders, net of tax$8,367 $5,369 
v3.26.1
Prepaid expenses and other current assets (Tables)
 3 Months Ended
Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Current Assets
Prepaid expenses and other current assets include the following (in thousands):
Table 20.1 Details of Prepaid Expenses and Other Current Assets
March 31, 2026December 31, 2025
Reserve income receivable$210,822 $219,221 
Prepaid expenses 37,182 24,243 
Digital financial assets 1,248 542 
Income tax receivable 66,782 65,060 
Other10,766 12,594 
Total prepaid expenses and other current assets$326,800 $321,660 
v3.26.1
Accounts payable and accrued expenses (Tables)
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities
Accounts payable and accrued expenses include the following (in thousands):
Table 21.1 Details of Accounts Payable and Accrued Expenses
March 31, 2026December 31, 2025
Accrued distribution costs$117,572 $119,038 
Stablecoin redemptions in transit
31,486 80,593 
Accrued expenses 71,551 114,272 
Accounts payable
18,643 24,733 
Income taxes payable 2,472 1,632 
Other payables20,491 20,341 
Total accounts payable and accrued expenses $262,215 $360,609 
v3.26.1
Description of business (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended
Jun. 06, 2025
Aug. 31, 2025
Jun. 30, 2025
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative            
Net of issuance costs       $ 365 $ 0  
Preferred stock, shares authorized (in shares) 500,000,000.0          
Class A common stock            
Collaborative Arrangement and Arrangement Other than Collaborative            
Common stock, shares authorized (in shares) 2,500,000,000     2,500,000,000   2,500,000,000
Common stock, par or stated value per share (in dollars per share) $ 0.0001     $ 0.0001   $ 0.0001
Preferred stock par value (in dollars per share) $ 0.0001          
Common stock, shares, issued (in shares)       228,900,000   223,600,000
Conversion of stock, shares issued 139,800,000          
Class A common stock | IPO            
Collaborative Arrangement and Arrangement Other than Collaborative            
Number of shares issued (in shares)     19,900,000      
Purchase price per share (in dollars per share)     $ 31.00      
Sale of stock, consideration received on transaction     $ 583,000      
Net of issuance costs     $ 12,800      
Class A common stock | Follow-on Public Offering            
Collaborative Arrangement and Arrangement Other than Collaborative            
Number of shares issued (in shares)   3,500,000        
Purchase price per share (in dollars per share)   $ 130.00        
Sale of stock, consideration received on transaction   $ 444,800        
Net of issuance costs   $ 1,800        
Class A common stock | Follow-on Public Offering | Selling Stockholders            
Collaborative Arrangement and Arrangement Other than Collaborative            
Number of shares issued (in shares)   8,000,000.0        
Sale of stock, consideration received on transaction   $ 0        
Class A common stock | Private Placement            
Collaborative Arrangement and Arrangement Other than Collaborative            
Number of shares issued (in shares)     19,200,000      
Sale of stock, consideration received on transaction     $ 0      
Class B common stock            
Collaborative Arrangement and Arrangement Other than Collaborative            
Common stock, shares authorized (in shares) 500,000,000.0     500,000,000.0    
Common stock, par or stated value per share (in dollars per share) $ 0.0001     $ 0.0001   $ 0.0001
Common stock, shares, issued (in shares)       18,700,000   18,700,000
Class B common stock | Co-Founder            
Collaborative Arrangement and Arrangement Other than Collaborative            
Conversion of stock, shares issued 19,600,000          
Common Class C            
Collaborative Arrangement and Arrangement Other than Collaborative            
Common stock, shares authorized (in shares)       500,000,000.0   500,000,000.0
Common stock, par or stated value per share (in dollars per share) $ 0.0001     $ 0.0001   $ 0.0001
Common stock, shares, issued (in shares) 500,000,000.0     0   0
v3.26.1
Summary of significant accounting policies (Details)
$ / shares in Units, $ in Billions
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
$ / shares
Dec. 31, 2025
USD ($)
$ / shares
Platform Operator, Crypto Asset    
Net asset value (in dollars per share) | $ / shares $ 1.00 $ 1.00
ESPP discount percentage from market price, beginning of purchase period (as a percent) 15.00%  
Number of reportable segments | segment 1  
2025 Omnibus Incentive Plan    
Platform Operator, Crypto Asset    
Aggregate number of shares of all classes of our common stock outstanding (in percent) 5.00%  
2025 Employee Stock Purchase Plan    
Platform Operator, Crypto Asset    
Aggregate number of shares of all classes of our common stock outstanding (in percent) 1.00%  
Fair Value Measured at Net Asset Value Per Share    
Platform Operator, Crypto Asset    
Cash and cash equivalents segregated for the benefit of stablecoin holders | $ $ 66.5 $ 66.3
v3.26.1
Acquisitions and divestitures - Narrative (Details)
$ in Thousands, shares in Millions
 1 Months Ended 3 Months Ended
Jan. 31, 2026
Nov. 30, 2025
USD ($)
Aug. 31, 2025
USD ($)
tradingDay
Jan. 31, 2025
USD ($)
shares
Mar. 31, 2026
USD ($)
Business Combination          
Business combination, acquisition period 2 years        
Malachite          
Business Combination          
Asset acquisition, consideration transferred     $ 15,000    
Asset acquisition, consideration transferred, cash     3,000    
Asset acquisition, consideration transferred, contingent consideration     $ 12,000    
Consideration repayment period (in years)     2 years    
Number of trading days | tradingDay     20    
Asset acquisition, contingent consideration, liability, current     $ 7,800    
Asset acquisition, contingent consideration, liability, noncurrent     $ 4,200    
Decrease in contingent liability         $ 2,400
Business combination, acquisition period     2 years    
Circle SBI Japan K.K.          
Business Combination          
Cash acquired from acquisition of equity method affiliate   $ 1,500      
Equity method investment, ownership percentage   50.00%      
Hashnote Holdings LLC          
Business Combination          
Percentage of business acquired       100.00%  
Total purchase consideration       $ 100,065  
Payments to acquire business       10,200  
Business acquisition, purchase price adjustment       $ 300  
Business acquisition number of shares | shares       2.9  
Intangible assets, net       $ 4,480  
Business acquisition additional number of shares | shares       1.8  
Hashnote Holdings LLC | Developed technology          
Business Combination          
Intangible assets, net       $ 1,700  
Weighted average remaining useful life (in years)       2 years  
Hashnote Holdings LLC | Customer relationships          
Business Combination          
Intangible assets, net       $ 2,800  
Weighted average remaining useful life (in years)       2 years  
v3.26.1
Acquisitions and divestitures - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Jan. 31, 2025
Business Combination      
Goodwill $ 265,742 $ 265,742  
Hashnote Holdings LLC      
Business Combination      
Cash and cash equivalents     $ 2,412
Accounts receivable, net     193
Prepaid expenses and other current assets     109
Fixed assets, net     8
Digital assets     104
Goodwill     96,198
Intangible assets, net     4,480
Accounts payable and accrued expenses     (655)
Other current liabilities     (2,383)
Deferred tax liabilities, net     (401)
Total purchase consideration     $ 100,065
v3.26.1
Leases - Schedule of Components of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating lease cost $ 830 $ 838
Short-term lease cost $ 224 $ 167
v3.26.1
Leases - Schedule of Supplemental Balance Sheet (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
Operating lease right-of-use assets $ 13,980 $ 14,127
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Operating lease liabilities - current $ 2,947 $ 2,686
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other non-current liabilities Other non-current liabilities
Operating lease liabilities - non-current $ 11,815 $ 11,978
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other non-current liabilities Other non-current liabilities
Total operating lease liabilities $ 14,762 $ 14,664
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other non-current assets Other non-current assets
v3.26.1
Leases - Schedule of Weighted-Average Lease Terms and Discount Rates (Details)
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
Weighted-average remaining lease term 7 years 2 months 12 days 7 years 4 months 24 days
Weighted-average discount rates (in percent) 13.50% 13.40%
v3.26.1
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
2026 (remaining 9 months) $ 2,505  
2027 3,154  
2028 2,787  
2029 3,058  
2030 3,119  
Thereafter 8,825  
Total lease payments 23,448  
Less: imputed interest 8,686  
Total lease liabilities $ 14,762 $ 14,664
v3.26.1
Intangible assets, net - Schedule of Intangible Assets Useful Life (Details)
 1 Months Ended 3 Months Ended
Jan. 31, 2026
Mar. 31, 2026
Finite-Lived Intangible Assets    
Acquired intangible assets, useful life (in years) 2 years  
Developed technology | Minimum    
Finite-Lived Intangible Assets    
Acquired intangible assets, useful life (in years)   2 years
Developed technology | Maximum    
Finite-Lived Intangible Assets    
Acquired intangible assets, useful life (in years)   6 years
Customer relationships | Minimum    
Finite-Lived Intangible Assets    
Acquired intangible assets, useful life (in years)   2 years
Regulatory licenses    
Finite-Lived Intangible Assets    
Acquired intangible assets, useful life (in years)   5 years
Patents and trade name | Minimum    
Finite-Lived Intangible Assets    
Acquired intangible assets, useful life (in years)   2 years
Patents and trade name | Maximum    
Finite-Lived Intangible Assets    
Acquired intangible assets, useful life (in years)   17 years
v3.26.1
Intangible assets, net - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Amortizing intangible assets    
Intangible assets, gross $ 353,034 $ 317,581
Accumulated amortization (198,847) (173,265)
Total amortization expense 154,187 144,316
Intangible Assets, Net    
Total intangible assets, net 619,864 584,411
Accumulated amortization 198,847 173,265
Intangible assets, net 421,017 411,146
Internally developed software    
Amortizing intangible assets    
Intangible assets, gross 304,725 279,472
Accumulated amortization (185,138) (161,666)
Total amortization expense 119,587 117,806
Intangible Assets, Net    
Accumulated amortization 185,138 161,666
Acquired intangible assets    
Amortizing intangible assets    
Intangible assets, gross 48,309 38,109
Accumulated amortization (13,709) (11,599)
Total amortization expense 34,600 26,510
Intangible Assets, Net    
Accumulated amortization $ 13,709 $ 11,599
Weighted Average | Internally developed software    
Amortizing intangible assets    
Weighted average remaining useful life (in years) 1 year 4 months 24 days 1 year 6 months
Weighted Average | Acquired intangible assets    
Amortizing intangible assets    
Weighted average remaining useful life (in years) 2 years 8 months 12 days 3 years
Acquired intangible assets    
Amortizing intangible assets    
Indefinite-lived intangible assets $ 266,830 $ 266,830
v3.26.1
Intangible assets, net - Schedule of Amortization Expense of Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Finite-Lived Intangible Assets    
Amortization of intangible assets $ 25,772 $ 13,466
Internally developed software    
Finite-Lived Intangible Assets    
Amortization of intangible assets 23,662 12,116
Acquired intangible assets    
Finite-Lived Intangible Assets    
Amortization of intangible assets $ 2,110 $ 1,350
v3.26.1
Intangible assets, net - Narrative (Details)
$ in Millions
 1 Months Ended
Jan. 31, 2026
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets acquired $ 10.0
Acquired intangible assets, useful life (in years) 2 years
v3.26.1
Intangible assets, net - Schedule of Future Amortization Expense (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Years ending December 31,    
2026 (remaining 9 months) $ 78,977  
2027 65,740  
2028 7,919  
2029 125  
2030 125  
Thereafter 1,301  
Total amortization expense $ 154,187 $ 144,316
v3.26.1
Fixed assets, net - Schedule of Fixed Asset, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Property, Plant and Equipment    
Total fixed assets $ 30,728 $ 30,030
Less: accumulated depreciation (8,208) (7,239)
Total fixed assets, net 22,520 22,791
Computers & equipment    
Property, Plant and Equipment    
Total fixed assets 6,518 5,815
Leasehold improvements    
Property, Plant and Equipment    
Total fixed assets 20,098 20,102
Other    
Property, Plant and Equipment    
Total fixed assets $ 4,112 $ 4,113
v3.26.1
Fixed assets, net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Property, Plant and Equipment [Abstract]    
Depreciation $ 1.0 $ 0.4
v3.26.1
Digital assets - Composition of Digital Assets (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
cryptocurrency
Dec. 31, 2025
USD ($)
cryptocurrency
Cost Basis    
Digital asset, cost basis $ 63,373 $ 55,875
Fair Value    
Digital assets $ 84,217 $ 86,515
Canton Coin    
Quantity    
Digital assets, quantity | cryptocurrency 391,371,628 367,760,063
Cost Basis    
Digital asset, cost basis $ 17,138 $ 13,612
Fair Value    
Digital assets $ 58,964 $ 56,028
Bitcoin    
Quantity    
Digital assets, quantity | cryptocurrency 74 73
Cost Basis    
Digital asset, cost basis $ 2,286 $ 2,255
Fair Value    
Digital assets $ 5,019 $ 6,409
Sui    
Quantity    
Digital assets, quantity | cryptocurrency 3,980,799 3,838,405
Cost Basis    
Digital asset, cost basis $ 8,775 $ 8,599
Fair Value    
Digital assets $ 3,494 $ 5,385
Ether    
Quantity    
Digital assets, quantity | cryptocurrency 1,747 1,747
Cost Basis    
Digital asset, cost basis $ 4,525 $ 4,529
Fair Value    
Digital assets 3,673 5,188
Other digital assets    
Cost Basis    
Digital asset, cost basis 30,649 26,880
Fair Value    
Digital assets $ 13,067 $ 13,505
v3.26.1
Digital assets - Digital Assets (Gains)/Losses and Impairment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
(Gains)/losses on disposals of digital assets $ 0 $ (23)
Unrealized (gains)/losses on changes in fair value of digital assets 856 6,293
Total $ 856 $ 6,270
v3.26.1
Investments - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Investments $ 100,073 $ 84,265
v3.26.1
Investments - Schedule of Equity Investments Under Measurement Alternative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Investments in and Advances to Affiliates, at Fair Value    
Beginning balance $ 78,508 $ 68,229
Net investments and returns in privately held companies 12,471 2,050
Upward adjustments 6,490 879
Downward adjustments (951) (1,229)
Realized gains (losses) and impairments (161) 34
Ending balance 96,357 69,963
Other long-term investments $ 3,700 $ 7,600
v3.26.1
Derivatives and embedded derivatives - Schedule of Fair Value of Derivative and Embedded Derivative Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investments    
Derivatives    
Embedded derivatives - Fair value $ 161 $ 899
Investments - derivatives 461 473
Accounts receivable, net - embedded derivatives    
Derivatives    
Embedded derivatives - Fair value $ 19,174 $ 19,942
v3.26.1
Derivatives and embedded derivatives - Schedule of Notional Amounts of Derivative and Embedded Derivative Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investments | Host Contract    
Derivatives    
Hybrid Instruments at fair value $ 1,414 $ 1,153
Investments | Investments - derivatives    
Derivatives    
Investments - derivatives 506 582
Accounts receivable, net - embedded derivatives | Host Contract    
Derivatives    
Hybrid Instruments at fair value $ 4,000 $ 4,000
v3.26.1
Derivatives and embedded derivatives - Schedule of Gains (losses) on Derivatives and Embedded Derivatives (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivatives    
Investments - derivatives and embedded derivatives $ (417) $ (5,340)
Other Nonoperating Income (Expense)    
Derivatives    
Obligation to return digital asset collateral/Accounts receivable, net - embedded derivatives $ (1,161) $ (976)
v3.26.1
Fair value measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Assets      
Digital assets $ 84,217 $ 86,515  
Liabilities      
Cash and cash equivalents 1,517,264 1,526,046 $ 848,606
US Treasury Securities      
Liabilities      
Cash and cash equivalents 10,100 0  
Investments | Host Contract      
Liabilities      
Hybrid Instruments at fair value 1,414 1,153  
Accounts receivable, net - embedded derivatives | Host Contract      
Liabilities      
Hybrid Instruments at fair value 4,000 4,000  
Level 1      
Assets      
Cash equivalents 67,596,121 67,483,506  
Digital assets 84,217 86,515  
Digital financial assets 1,248 542  
Total assets 67,681,586 67,570,563  
Liabilities      
Total liabilities 0 0  
Level 2      
Assets      
Total assets 19,796 21,314  
Liabilities      
Total liabilities 0 0  
Level 2 | Investments      
Assets      
Investments - derivatives and embedded derivatives 622 1,372  
Level 2 | Accounts receivable, net - embedded derivatives      
Assets      
Investments - derivatives and embedded derivatives 19,174 19,942  
Level 3      
Assets      
Total assets 0    
Liabilities      
Convertible debt, net of debt discount 0 36,821  
Total liabilities 0 36,821  
Fair Value Measured at Net Asset Value Per Share      
Liabilities      
Cash and cash equivalents segregated for the benefit of stablecoin holders $ 66,500,000 $ 66,300,000  
v3.26.1
Fair value measurements - Narrative (Details) - USD ($)
$ / shares in Units, shares in Thousands
 1 Months Ended 12 Months Ended
Feb. 20, 2025
Jan. 31, 2026
Oct. 31, 2025
Dec. 31, 2025
Nov. 30, 2019
Mar. 31, 2019
Mar. 01, 2019
Fair Value              
Digital assets transfers out of Level 3 asset       $ 4,600,000      
Additional paid-in capital upon conversion   $ 39,400,000 $ 88,800,000        
Series E              
Fair Value              
Issuance of common stock and preferred stock upon exercise of warrants (in shares) 45            
Series E Preferred Warrants              
Fair Value              
Warrants exercise price (in dollars per share)         $ 16.23    
First Note | Convertible debt, net of debt discount              
Fair Value              
Debt instrument, face amount             $ 24,000,000.0
Convertible interest rate (as a percent)             2.90%
Debt conversion, converted instrument, shares (in shares)   465 675        
Debt conversion price (in dollars per share)           $ 16.23  
Debt conversion, converted instrument, amount   $ 7,500,000 $ 11,000,000.0        
Debt conversion, converted instrument, per share (in dollars per share)   $ 16.23 $ 16.23        
v3.26.1
Fair value measurements - Schedule of Roll-Forward of Fair Value of Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Conversion of convertible notes $ (39,379)  
Warrants    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance   $ 1,591
Warrants exercised   (1,591)
Ending balance   0
Convertible debt, net of debt discount    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 36,821 40,717
Net discount on convertible notes 0 206
Capitalized interest 0 334
Ending balance 0 37,414
Convertible debt, net of debt discount | Interest Rate Risk    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Warrants exercised 2,558 (3,934)
Convertible debt, net of debt discount | Credit Risk    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Warrants exercised $ 0 $ 91
v3.26.1
Fair value measurements - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Convertible debt, net of debt discount
Mar. 31, 2026
Dec. 31, 2025
Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrants and rights outstanding, measurement input 0 0.080
Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrants and rights outstanding, measurement input 0 0.448
Risk-free rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrants and rights outstanding, measurement input 0 0.037
v3.26.1
Revenue recognition - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue    
Reserve income $ 652,508 $ 557,911
Other revenue 41,625 20,662
Total revenue and reserve income 694,133 578,573
Subscription and services    
Disaggregation of Revenue    
Other revenue 34,861 17,488
Transaction revenue    
Disaggregation of Revenue    
Other revenue 6,730 2,849
Other    
Disaggregation of Revenue    
Other revenue $ 34 $ 325
v3.26.1
Revenue recognition - Schedule of Changes in Deferred Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Contract with Customer, Liability    
Deferred revenue (Beginning balance) $ 11,512 $ 13,390
Deferred revenue billed in the current period, net of recognition 2,087 9,456
Revenue recognized that was included in the beginning period (7,609) (9,845)
Deferred revenue (Ending balance) $ 5,990 $ 13,001
v3.26.1
Other income (expense), net - Schedule of Major Categories of Other (Expense) Income, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Other Income and Expenses [Abstract]    
Gains (losses) on digital assets and other investments, net $ (3,576) $ (8,263)
Interest income on corporate balances 13,709 7,965
Changes in fair value of convertible debt, warrant liability, embedded derivatives and U.S. Treasury securities (4,108) (2,382)
Interest expense and amortization of discount (38) (335)
Foreign currency exchange gain (loss) 5,121 (539)
Other, net 575 451
Total Other income (expense), net $ 11,683 $ (3,103)
v3.26.1
Income taxes - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income tax expense (benefit) $ 1,439 $ 25,046
Effective income tax rate (percent) 2.50% 27.90%
v3.26.1
Debt (Details) - USD ($)
$ / shares in Units, shares in Thousands
 1 Months Ended
Feb. 20, 2025
Jan. 31, 2026
Oct. 31, 2025
Mar. 31, 2026
Dec. 31, 2025
Nov. 30, 2019
Mar. 31, 2019
Mar. 01, 2019
Debt Instrument [Line Items]                
Additional paid-in capital upon conversion   $ 39,400,000 $ 88,800,000          
First Note | Convertible debt, net of debt discount                
Debt Instrument [Line Items]                
Debt instrument, face amount               $ 24,000,000.0
Debt conversion price (in dollars per share)             $ 16.23  
Convertible interest rate (as a percent)               2.90%
Debt conversion, converted instrument, shares (in shares)   465 675          
Debt conversion, converted instrument, amount   $ 7,500,000 $ 11,000,000.0          
Debt conversion, converted instrument, per share (in dollars per share)   $ 16.23 $ 16.23          
Convertible debt, net of debt discount       $ 0 $ 36,800,000      
Series E                
Debt Instrument [Line Items]                
Issuance of common stock and preferred stock upon exercise of warrants (in shares) 45              
Series E Preferred Warrants                
Debt Instrument [Line Items]                
Warrants issued to purchase shares (in shares)           85    
Warrants exercise price (in dollars per share)           $ 16.23    
v3.26.1
Stockholders' equity - Common Stock (Details) - $ / shares
 1 Months Ended
Jun. 06, 2025
Aug. 31, 2025
Jun. 30, 2025
Mar. 31, 2026
Dec. 31, 2025
Class of Stock          
Preferred stock, shares authorized (in shares) 500,000,000.0        
Employee Stock          
Class of Stock          
Common stock reserved for future issuance       8,100,000  
Common Stock Issuable In Connection With Business Combinations          
Class of Stock          
Common stock reserved for future issuance       1,200,000  
Common Stock Issuable Under Stock Award Plan          
Class of Stock          
Common stock reserved for future issuance       27,200,000  
Common Stock Available For Future Issuance Under Stock Award Plan          
Class of Stock          
Common stock reserved for future issuance       37,000,000.0  
Class A common stock          
Class of Stock          
Common stock, shares authorized (in shares) 2,500,000,000     2,500,000,000 2,500,000,000
Common stock, par or stated value per share (in dollars per share) $ 0.0001     $ 0.0001 $ 0.0001
Preferred stock par value (in dollars per share) $ 0.0001        
Common stock, shares, issued (in shares)       228,900,000 223,600,000
Conversion of stock, shares issued 139,800,000        
Class A common stock | IPO          
Class of Stock          
Number of shares issued (in shares)     19,900,000    
Purchase price per share (in dollars per share)     $ 31.00    
Class A common stock | Follow-on Public Offering          
Class of Stock          
Number of shares issued (in shares)   3,500,000      
Purchase price per share (in dollars per share)   $ 130.00      
Class B common stock          
Class of Stock          
Common stock, shares authorized (in shares) 500,000,000.0     500,000,000.0  
Common stock, par or stated value per share (in dollars per share) $ 0.0001     $ 0.0001 $ 0.0001
Common stock, shares, issued (in shares)       18,700,000 18,700,000
Class B common stock | Co-Founder          
Class of Stock          
Conversion of stock, shares issued 19,600,000        
Common Class C          
Class of Stock          
Common stock, shares authorized (in shares)       500,000,000.0 500,000,000.0
Common stock, par or stated value per share (in dollars per share) $ 0.0001     $ 0.0001 $ 0.0001
Common stock, shares, issued (in shares) 500,000,000.0     0 0
v3.26.1
Stockholders' equity - Warrants (Details)
$ / shares in Units, $ in Thousands, shares in Millions
 1 Months Ended 3 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Apr. 30, 2023
USD ($)
$ / shares
shares
Mar. 31, 2026
USD ($)
shares
Mar. 31, 2025
USD ($)
Aug. 31, 2023
USD ($)
$ / shares
shares
Class of Stock          
Cumulative expired warrants (shares)     $ 3,400    
Marketing expenses     6,617 $ 3,860  
April 2023 Warrants | Class A common stock          
Class of Stock          
Warrants issued to purchase shares (in shares) | shares   4.5      
Warrants exercise price (in dollars per share) | $ / shares   $ 42.14      
Warrants term (in years)   10 years      
Award requisite service period (in years)   2 years      
Warrant performance condition period (in years)   5 years      
Warrant liability   $ 80,100      
Marketing expenses     0 0  
April 2023 Warrants | Class A common stock | Measurement Input, Expected Dividend Rate          
Class of Stock          
Warrants and rights outstanding, measurement input (as a percent)   0      
April 2023 Warrants | Class A common stock | Volatility          
Class of Stock          
Warrants and rights outstanding, measurement input (as a percent)   0.44      
April 2023 Warrants | Class A common stock | Risk-free rate          
Class of Stock          
Warrants and rights outstanding, measurement input (as a percent)   0.0345      
August 2023 Warrants | Class A common stock          
Class of Stock          
Warrants issued to purchase shares (in shares) | shares         3.6
Warrants exercise price (in dollars per share) | $ / shares         $ 25.09
Warrants term (in years)         5 years
Warrant liability         $ 43,900
Marketing expenses     $ 0 0  
August 2023 Warrants | Class A common stock | Measurement Input, Expected Dividend Rate          
Class of Stock          
Warrants and rights outstanding, measurement input (as a percent)         0
August 2023 Warrants | Class A common stock | Volatility          
Class of Stock          
Warrants and rights outstanding, measurement input (as a percent)         0.51
August 2023 Warrants | Class A common stock | Risk-free rate          
Class of Stock          
Warrants and rights outstanding, measurement input (as a percent)         0.0438
December 2024 Warrants | Class A common stock          
Class of Stock          
Warrants issued to purchase shares (in shares) | shares 2.9   0.5    
Warrants exercise price (in dollars per share) | $ / shares $ 22.71        
Warrants term (in years) 6 years        
Warrant performance condition period (in years) 3 years        
Warrant liability $ 56,100        
Distribution and transaction costs for warrants     $ 4,700 $ 1,100  
Class of warrants or right number of warrants vested (in shares) | shares     1.0    
Class of warrants or right number of warrants exercise (in shares) | shares     0.7    
December 2024 Warrants | Class A common stock | Measurement Input, Expected Dividend Rate          
Class of Stock          
Warrants and rights outstanding, measurement input (as a percent) 0        
December 2024 Warrants | Class A common stock | Volatility          
Class of Stock          
Warrants and rights outstanding, measurement input (as a percent) 0.53        
December 2024 Warrants | Class A common stock | Risk-free rate          
Class of Stock          
Warrants and rights outstanding, measurement input (as a percent) 0.0443        
v3.26.1
Stockholders' equity - Donations to Circle Foundation (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Mar. 31, 2025
Mar. 31, 2026
Class of Stock    
Equity issuance cost   $ 7.7
Treasury Stock    
Class of Stock    
Re-issuance of treasury stock (in shares)   67,060
Class A common stock    
Class of Stock    
Shares approved for reservation (shares) 2,682,392  
Shares approved for reservation as a percentage of capital stock (percent) 1.00%  
Share approved for reservation exercise period (years) 10 years  
v3.26.1
Redeemable convertible preferred stock - Narrative (Details)
$ in Billions
 1 Months Ended
Jun. 30, 2025
USD ($)
Class A common stock  
Class of Stock  
Carrying value of shares converted $ 1.1
v3.26.1
Redeemable convertible preferred stock - Schedule of Preferred Stocks (Details) - $ / shares
shares in Thousands
Mar. 31, 2026
May 09, 2022
May 17, 2016
Apr. 10, 2015
Feb. 26, 2014
Aug. 22, 2013
Series A            
Class of Stock            
Issue price (in dollars per share)           $ 0.27
Conversion price (in dollars per share)           0.27
Preferred stock, liquidation preference (in dollars per share)           $ 0.27
Preferred stock, shares issued (in shares)           33,621
Series B            
Class of Stock            
Issue price (in dollars per share)         $ 0.97  
Conversion price (in dollars per share)         0.97  
Preferred stock, liquidation preference (in dollars per share)         $ 0.97  
Preferred stock, shares issued (in shares)         17,586  
Series C            
Class of Stock            
Issue price (in dollars per share)       $ 2.17    
Conversion price (in dollars per share)       2.17    
Preferred stock, liquidation preference (in dollars per share)       $ 2.17    
Preferred stock, shares issued (in shares)       18,445    
Series D            
Class of Stock            
Issue price (in dollars per share)     $ 2.76      
Conversion price (in dollars per share)     2.76      
Preferred stock, liquidation preference (in dollars per share)     $ 2.76      
Preferred stock, shares issued (in shares)     23,203      
Series E            
Class of Stock            
Issue price (in dollars per share) $ 16.23          
Conversion price (in dollars per share) 16.23          
Preferred stock, liquidation preference (in dollars per share) $ 16.23          
Preferred stock, shares issued (in shares) 37,436          
Series F            
Class of Stock            
Issue price (in dollars per share)   $ 42.14        
Conversion price (in dollars per share)   42.14        
Preferred stock, liquidation preference (in dollars per share)   $ 42.14        
Preferred stock, shares issued (in shares)   9,516        
v3.26.1
Stock-based compensation - Narrative (Details) - USD ($)
$ in Thousands, shares in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Stock-based compensation $ 51,836 $ 12,716  
Capitalized stock-based compensation expense related to internally developed software $ 9,400 $ 2,700  
Employee Stock Option      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Expiration period of stock options granted (in years)     10 years
Employee Stock Option | Minimum      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Vesting period (in months) 12 months    
Employee Stock Option | Maximum      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Vesting period (in months) 48 months    
Stock Options      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Unrecognized stock-based compensation cost related to outstanding $ 9,600    
Weighted-average period of recognition (in years) 2 years 6 months    
Restricted Stock Units      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Unrecognized stock-based compensation cost related to outstanding $ 424,900    
Weighted-average period of recognition (in years) 3 years 4 months 24 days    
Awards Associated With Business Combinations      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Unrecognized stock-based compensation cost related to outstanding $ 31,400    
Weighted-average period of recognition (in years) 1 year 8 months 12 days    
Employee Stock      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Unrecognized stock-based compensation cost related to outstanding $ 1,900    
Weighted-average period of recognition (in years) 4 months 24 days    
Shares withheld for tax withholding requirements 1.0    
v3.26.1
Stock-based compensation - Summary of Outstanding Stock Options Activities (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Summary of Outstanding Stock Options Activities        
Options outstanding (in shares) 13,450 22,751 22,751  
Options exercised (in shares) (2,543) (1,009)    
Options forfeited (in shares)   (93)    
Options outstanding (in shares) 10,907 21,649 13,450 22,751
Options exercisable (in shares) 10,348 20,145    
Weighted Average Exercise Price        
Options outstanding, Weighted average exercise price (in dollars per share) $ 11.36 $ 8.48 $ 8.48  
Options exercised, Weighted average exercise price (in dollars per share) 5.67 0.64    
Options forfeited, Weighted average exercise price (in dollars per share)   20.63    
Options outstanding, Weighted average exercise price (in dollars per share) 12.68 8.79 $ 11.36 $ 8.48
Options exercisable, Weighted average exercise price outstanding (in shares) $ 10.97 $ 7.49    
Weighted Average Remaining Contractual Term (in years)        
Options outstanding, Weighted average remaining contractual term (in years) 4 years 2 months 12 days 5 years 3 months 18 days 4 years 2 months 12 days 5 years 6 months
Options exercisable, Weighted average remaining contractual term (in years) 4 years 5 years 1 month 6 days    
Aggregate Intrinsic Value (in thousands)        
Options outstanding, Aggregate intrinsic value (in dollars per share) $ 906,000 $ 462,946 $ 919,115 $ 522,900
Options exercisable, Aggregate intrinsic value (in dollars per share) $ 874,255 $ 455,317    
v3.26.1
Stock-based compensation - Summary of Restricted Stock Units Activities (Details) - Restricted Stock Units - $ / shares
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Summary of Restricted Stock Units Activities    
Outstanding (in shares) 14,711 19,943
RSUs granted (in shares) 4,853 5,811
RSUs vested (in shares) (2,828) (1)
RSUs forfeited (in shares) (435) (423)
Outstanding (in shares) 16,301 25,330
Weighted- Average Grant Date Fair Value    
Outstanding, Weighted average grant date fair value (in dollars per share) $ 35.16 $ 30.85
RSUs granted, Weighted average grant date fair value (in dollars per share) 69.61 31.16
RSUs vested, Weighted average grant date fair value (in dollars per share) 32.65 27.81
RSUs forfeited, Weighted average grant date fair value (in dollars per share) 39.79 30.23
Outstanding, Weighted average grant date fair value (in dollars per share) $ 45.73 $ 30.93
v3.26.1
Stock-based compensation - Summary of Shares Issued for Business Combinations Activities (Details) - Business Combinations - $ / shares
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Summary of Shares Issued for Business Combinations Activities    
Outstanding (in shares) 1,744 548
Shares vested (in shares) (520)  
Shares issued (in shares)   1,473
Shares forfeited (in shares)   (6)
Outstanding (in shares) 1,224 2,015
Weighted- Average Grant Date Fair Value    
Outstanding, Weighted average grant date fair value (in dollars per share) $ 33.75 $ 47.82
Shares vested, Weighted average grant date fair value (in dollars per share) 31.16  
Shares issued, Weighted average grant date fair value (in dollars per share)   31.16
Shares forfeited, Weighted average grant date fair value (in dollars per share)   47.82
Outstanding, Weighted average grant date fair value (in dollars per share) $ 34.84 $ 35.64
v3.26.1
Stock-based compensation - Schedule of Valuation Assumptions (Details) - Employee Stock
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Risk-free interest rate 3.65%
Expected term (years) 6 months
Expected volatility 49.33%
Expected annual dividend 0.00%
v3.26.1
Earnings per share - Schedule of Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Net income from continuing operations $ 55,246 $ 64,791
Less: Net loss attributable to noncontrolling interests (7) 0
Net income attributable to common stockholders 55,253 64,791
Less: Dividend preference on preferred shares 0 (64,791)
Net income available to common stockholders - basic 55,253 0
Less: Changes in fair value of convertible debt and warrant liability 0 (2,345)
Less: Dividend preference on preferred shares 0 (62,446)
Net income available to common stockholders - diluted $ 55,253 $ 0
Weighted-average common shares – basic (in shares) 244,038 57,966
Add: Weighted-average effect of dilutive securities (in shares) 22,649 17,684
Weighted-average common shares – diluted (in shares) 266,687 75,650
Basic earnings per common share (in dollars per share) $ 0.23 $ 0.00
Diluted earnings per common share (in dollars per share) $ 0.21 $ 0.00
v3.26.1
Earnings per share - Schedule of Potentially Dilutive Securities (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share    
Total 770 139,957
Redeemable convertible preferred stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share    
Total 0 139,807
Stock options and RSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share    
Total 770 0
Common stock in connection with business combinations    
Antidilutive Securities Excluded from Computation of Earnings Per Share    
Total 0 150
v3.26.1
Accumulated other comprehensive income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Increase (Decrease) in Stockholders' Equity    
Beginning balance $ 3,330,773 $ 570,529
Pre-tax change – Foreign currency translation adjustment (6,172) 1,809
Pre-tax change – Unrealized (loss) gain on convertible notes – credit risk adjustment 0 (91)
Tax effect 0 7
Pre tax change - Foreign currency translation adjustment attributable to noncontrolling interest 24 0
Ending balance 3,428,631 744,976
Accumulated other comprehensive income (loss)    
Increase (Decrease) in Stockholders' Equity    
Beginning balance 14,515 3,644
Ending balance 8,367 5,369
AOCI Including Portion Attributable to Noncontrolling Interest    
Increase (Decrease) in Stockholders' Equity    
Ending balance $ 8,343 $ 5,369
v3.26.1
Prepaid expenses and other current assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Reserve income receivable $ 210,822 $ 219,221
Prepaid expenses 37,182 24,243
Digital financial assets 1,248 542
Income tax receivable 66,782 65,060
Other 10,766 12,594
Prepaid expenses and other current assets $ 326,800 $ 321,660
v3.26.1
Accounts payable and accrued expenses (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Payables and Accruals [Abstract]    
Accrued distribution costs $ 117,572 $ 119,038
Stablecoin redemptions in transit 31,486 80,593
Accrued expenses 71,551 114,272
Accounts payable 18,643 24,733
Income taxes payable 2,472 1,632
Other payables 20,491 20,341
Total accounts payable and accrued expenses $ 262,215 $ 360,609
v3.26.1
Subsequent events (Details) - Subsequent Event
$ in Millions
May 08, 2026
USD ($)
token
$ / Unit
Circle Internet Group Inc | IDG Capital  
Subsequent Event [Line Items]  
Equity method investment, ownership percentage 5.00%
ARC Tkens  
Subsequent Event [Line Items]  
Crypto Asset, number of tokens authorized for issuance | token 740,000,000
Token price (per share) | $ / Unit 0.30
Crypto asset, fully diluted network valuation amount $ 3,000.0
Proceeds from issuance of tokens $ 25.0
Number of crypto token units sold | token 83,300,000
ARC Tkens | Scenario, Plan  
Subsequent Event [Line Items]  
Proceeds from issuance of tokens $ 222.0