CIRCLE INTERNET GROUP, INC., 10-K filed on 3/9/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Mar. 05, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Registrant Name CIRCLE INTERNET GROUP, INC.    
Entity Incorporation, State or Country Code DE    
Entity File Number 333-258582    
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 Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 37.6
Documents Incorporated by Reference

DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement for its 2026 Annual Meeting of Stockholders, or Proxy Statement, to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III. Except with respect to information specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof.
    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001876042    
Class A common stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   228,100,955  
Class B common stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   18,714,651  
Common Class C      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   0  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Firm ID 34
Auditor Name Deloitte & Touche LLP
Auditor Location New York, New York
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,526,046 $ 750,981
Cash and cash equivalents segregated for corporate-held stablecoins 822,963 294,493
Cash and cash equivalents segregated for the benefit of stablecoin holders 75,067,932 43,918,572
Accounts receivable, net 62,866 6,418
Stablecoins receivable, net 0 6,957
Prepaid expenses and other current assets 321,660 187,528
Total current assets 77,801,467 45,164,949
Non-current assets:    
Restricted cash 2,792 3,558
Investments 84,265 84,114
Fixed assets, net 22,791 18,682
Digital assets 86,515 31,330
Goodwill 265,742 169,544
Intangible assets, net 411,146 331,394
Deferred tax assets, net 11,110 10,223
Other non-current assets 27,379 20,615
Total assets 78,713,207 45,834,409
Current liabilities:    
Deposits from stablecoin holders 74,912,567 43,727,363
Accounts payable and accrued expenses 360,609 287,007
Convertible debt, net of debt discount 36,821 0
Other current liabilities 18,398 16,597
Total current liabilities 75,328,395 44,030,967
Non-current liabilities:    
Convertible debt, net of debt discount 0 40,717
Deferred tax liabilities, net 28,702 29,559
Warrant liability 0 1,591
Other non-current liabilities 25,337 21,281
Total non-current liabilities 54,039 93,148
Total liabilities 75,382,434 44,124,115
Commitments and contingencies (see Note 22)
Redeemable convertible preferred stock ($0.0001 par value, nil and 139.8 million shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; aggregate liquidation preference of nil and $1.1 billion as of December 31, 2025 and December 31, 2024, respectively) 0 1,139,765
Stockholders’ equity    
Treasury stock at cost (4.7 million and 5.0 million shares held as of December 31, 2025 and December 31, 2024, respectively) (2,721) (2,877)
Additional paid-in capital 4,610,216 1,792,969
Accumulated deficit (1,292,709) (1,223,213)
Accumulated other comprehensive income 14,515 3,644
Total stockholders' equity attributable to common stockholders 3,329,327 570,529
Noncontrolling interests 1,446 0
Total stockholders’ equity 3,330,773 570,529
Total liabilities, redeemable convertible preferred stock and stockholders’ equity 78,713,207 45,834,409
Class A common stock    
Stockholders’ equity    
Common stock, value, issued 24 6
Class B common stock    
Stockholders’ equity    
Common stock, value, issued 2 0
Common Class C    
Stockholders’ equity    
Common stock, value, issued $ 0 $ 0
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Convertible preferred stock par value (in dollars per share)   $ 0.0001
Convertible preferred stock, shares issued (in shares)   139,800,000
Convertible preferred sock, shares outstanding (in shares) 0 139,762,000
Convertible preferred stock, liquidation preference   $ 1,100,000,000
Treasury stock, common, shares (in shares) 4,700,000 5,000,000.0
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) 2,500,000,000 300,000,000.0
Common stock, shares, issued (in shares) 223,600,000 56,400,000
Common stock, shares, outstanding (in shares) 223,600,000 56,400,000
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 0
Common stock, shares, issued (in shares) 18,700,000 0
Common stock, shares, outstanding (in shares) 18,700,000 0
Common Class C    
Common stock, par or stated value per share (in dollars per share) $ 0.0001  
Common stock, shares authorized (in shares) 500,000,000.0 0
Common stock, shares, issued (in shares) 0 0
Common stock, shares, outstanding (in shares) 0 0
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue and reserve income      
Reserve income $ 2,636,822 $ 1,661,084 $ 1,430,606
Other revenue 109,820 15,169 19,860
Total revenue and reserve income 2,746,642 1,676,253 1,450,466
Distribution, transaction and other costs      
Distribution and transaction costs 1,661,549 1,010,811 719,806
Other costs 2,102 6,553 7,918
Total distribution, transaction and other costs 1,663,651 1,017,364 727,724
Operating expenses      
Compensation expenses 844,878 263,410 296,055
General and administrative expenses 190,272 137,283 100,128
Depreciation and amortization expenses 76,627 50,854 34,887
IT infrastructure costs 36,638 27,109 20,722
Marketing expenses 25,718 17,326 36,544
Gain on sale of intangible assets 0 0 (21,634)
Digital assets losses (gains) 5,293 (4,251) (13,488)
Total operating expenses 1,179,426 491,731 453,214
Operating income (loss) from continuing operations (96,435) 167,158 269,528
Other income (expense), net (6,458) 54,416 49,421
Net income (loss) from continuing operations before income taxes (102,893) 221,574 318,949
Income tax expense (benefit) (33,375) 64,583 47,400
Net income (loss) from continuing operations (69,518) 156,991 271,549
Loss from operations of discontinued businesses 0 (1,324) (3,987)
Net income (loss) attributable to common stockholders (69,518) 155,667 267,562
Less: Net loss attributable to noncontrolling interests (10) 0 0
Net income $ (69,508) $ 155,667 $ 267,562
Basic earnings (loss) per common share attributable to common stockholders:      
Continuing operations (in dollars per share) $ (0.44) $ 0.33 $ 0.95
Discontinued operations (in dollars per share) 0 0.00 0.00
Basic earnings (loss) per common share (in dollars per share) (0.44) 0.33 0.95
Diluted earnings (loss) per common share attributable to common stockholders:      
Continuing operations (in dollars per share) (0.44) 0.30 0.78
Discontinued operations (in dollars per share) 0 0.00 0.00
Diluted earnings (loss) per common share (in dollars per share) $ (0.44) $ 0.30 $ 0.78
Weighted-average common shares used to compute earnings (loss) per share attributable to common stockholders:      
Basic (in shares) 158,699 54,413 47,265
Diluted (in shares) 158,699 73,042 67,549
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ (69,508) $ 155,667 $ 267,562
Other comprehensive income (loss):      
Foreign currency translation adjustment, net of tax 10,904 (1,899) 1,460
Unrealized gain (loss) on available-for-sale debt securities, net of tax 0 (226) (1,069)
Unrealized (loss) gain on convertible notes – credit risk, net of tax (49) 840 1,182
Total other comprehensive income (loss), net of tax 10,855 (1,285) 1,573
Less: other comprehensive loss attributable to noncontrolling interests (16) 0 0
Total other comprehensive income (loss), net of tax 10,871 (1,285) 1,573
Comprehensive income (loss) attributable to common stockholders $ (58,637) $ 154,382 $ 269,135
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ (DEFICIT)/EQUITY - USD ($)
$ in Thousands
Total
IPO
Cumulative Effect, Period of Adoption, Adjustment
Treasury Stock
Additional paid-in capital
Additional paid-in capital
IPO
Accumulated deficit
Accumulated deficit
Cumulative Effect, Period of Adoption, Adjustment
Accumulated other comprehensive income (loss)
Noncontrolling interests
Class A common stock
Class A common stock
Common Stock
Class A common stock
Common Stock
IPO
Class B common stock
Class B common stock
Common Stock
Class B common stock
Common Stock
IPO
Temporary equity, beginning balance (in shares) at Dec. 31, 2022 139,238,000                              
Temporary equity, beginning balance at Dec. 31, 2022 $ 1,131,260                              
Temporary equity, ending balance (in shares) at Dec. 31, 2023 139,238,000                              
Temporary equity, ending balance at Dec. 31, 2023 $ 1,131,260                              
Common stock, beginning balance (in shares) at Dec. 31, 2022                       48,391,000        
Beginning balance at Dec. 31, 2022 (252,101)   $ (972) $ (2,877) $ 1,399,612   $ (1,652,197) $ (972) $ 3,356     $ 5        
Treasury stock, beginning balance (in shares) at Dec. 31, 2022       4,960,000                        
Permanent Equity                                
Issuance of common stock upon exercise of stock options (in shares)                       990,000        
Issuance of common stock upon exercise of stock options 1,037       1,037                      
Issuance of common stock in connection with asset acquisition (in shares)                       8,367,000        
Issuance of common stock in connection with asset acquisition 209,939       209,938             $ 1        
Vesting of restricted stock units and common stock in connection with business combinations (in shares)                       1,246,000        
Re-issuance of treasury stock to Circle Foundation 0                              
Stock-based compensation 121,178       121,178                      
Other comprehensive income (loss), net of tax 1,573               1,573              
Cancellation of treasury stock , net (in shares)                       (349,000)        
Cancellation of treasury stock , net (8,745)       (8,745)                      
Net income (loss) 267,562           267,562                  
Common stock, ending balance (in shares) at Dec. 31, 2023                       58,645,000        
Ending balance at Dec. 31, 2023 $ 339,471   $ 6,727 $ (2,877) 1,723,020   (1,385,607) $ 6,727 4,929     $ 6        
Treasury stock, ending balance (in shares) at Dec. 31, 2023       4,960,000                        
Temporary Equity                                
Issuance of preferred stock for conversion of convertible notes, net (in shares) 524,000                              
Issuance of preferred stock for conversion of convertible notes, net $ 8,505                              
Temporary equity, ending balance (in shares) at Dec. 31, 2024 139,762,000                              
Temporary equity, ending balance at Dec. 31, 2024 $ 1,139,765                              
Permanent Equity                                
Issuance of common stock upon exercise of stock options (in shares)                       1,221,000        
Issuance of common stock upon exercise of stock options 1,614       1,614                      
Vesting of restricted stock units and common stock in connection with business combinations (in shares)                       1,447,000        
Issuance of preferred stock for conversion of convertible notes, net 4,692       4,692                      
Re-issuance of treasury stock to Circle Foundation 0                              
Stock-based compensation 63,643       63,643                      
Other comprehensive income (loss), net of tax (1,285)               (1,285)              
Net income (loss) 155,667           155,667                  
Common stock, ending balance (in shares) at Dec. 31, 2024                     56,400,000 61,313,000   0 0  
Ending balance at Dec. 31, 2024 $ 570,529     $ (2,877) 1,792,969   (1,223,213)   3,644 $ 0   $ 6     $ 0  
Treasury stock, ending balance (in shares) at Dec. 31, 2024 5,000,000.0     4,960,000                        
Temporary Equity                                
Issuance of preferred stock for conversion of convertible notes, net (in shares) 45,000                              
Issuance of preferred stock for conversion of convertible notes, net $ 737                              
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares) (139,807,000)                              
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering $ (1,140,502)                              
Temporary equity, ending balance (in shares) at Dec. 31, 2025 0                              
Temporary equity, ending balance at Dec. 31, 2025 $ 0                              
Permanent Equity                                
Issuance of common stock upon exercise of stock options (in shares) 9,310,000                     9,280,000     30,000  
Issuance of common stock upon exercise of stock options $ 51,760       51,759             $ 1        
Issuance of common stock in connection with asset acquisition (in shares)                       3,906,000        
Issuance of common stock in connection with asset acquisition 92,294       92,294                      
Vesting of restricted stock units and common stock in connection with business combinations (in shares)                       293,000        
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                      
Issuance of common stock (in shares)                       3,500,000 19,900,000      
Issuance of common stock 442,968 $ 570,129     442,968 $ 570,127             $ 2      
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)                       7,086,000     31,000  
Issuance of common stock upon settlement of restricted stock units, net of shares withheld 216,682       216,682                      
Re-issuance of treasury stock to Circle Foundation (in shares)       (268,000)                        
Re-issuance of treasury stock to Circle Foundation 23,182     $ 156 23,026                      
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering/Conversion of convertible debt (in shares)                       675,000 139,807,000      
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering/Conversion of convertible debt 89,049 $ 1,140,502     89,049 $ 1,140,488             $ 14      
Conversion of Class A common stock to Class B common stock in connection with initial public offering (in shares)                       976,000 (19,580,000)   (976,000) 19,580,000
Conversion of Class A common stock to Class B common stock in connection with initial public offering                         $ (2)     $ 2
Warrants in common stock 23,592       23,592                      
Stock-based compensation 166,407       166,407                      
Other comprehensive income (loss), net of tax 10,855               10,871 (16)            
Capital contribution from noncontrolling interest 1,472                 1,472            
Other (in shares)                       3,000        
Other 16       1   12                  
Net income (loss) (69,518)           (69,508)     (10)            
Common stock, ending balance (in shares) at Dec. 31, 2025                     223,600,000 228,286,000   18,700,000 18,665,000  
Ending balance at Dec. 31, 2025 $ 3,330,773     $ (2,721) $ 4,610,216   $ (1,292,709)   $ 14,515 $ 1,446   $ 24     $ 2  
Treasury stock, ending balance (in shares) at Dec. 31, 2025 4,700,000     4,692,000                        
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income (loss) $ (69,518) $ 155,667 $ 267,562
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization expense 76,627 50,854 34,887
Accretion of premium on available-for-sale debt securities 0 (2,268) (7,738)
Realized and unrealized losses (gains) on digital assets (18,223) (12,878) (13,010)
Change in fair value of convertible debt, warrant liability, and embedded derivatives 71,422 (10,024) (25,343)
Digital assets received for services (28,567) (1,500) (4,476)
Equity securities received for services (3,302) 0 0
Deferred taxes (2,153) (2,806) (32,893)
Realized and unrealized losses (gains) on available-for-sale debt securities and strategic investments (294) (434) 1,749
(Gains) losses on sale of long-lived assets 22 73 (21,521)
Foreign currency remeasurement losses (gains) 7,790 (565) 1,428
Stock-based compensation 566,177 50,134 107,999
Provision for warrants in common stock 23,592 0 0
Charitable contributions to Circle Foundation 23,149 0 0
Other non-cash items 4,936 887 3,383
Changes in operating assets and liabilities:      
Accounts receivable (39,379) (4,569) 2,244
Prepaid expenses and other current assets (146,502) (21,764) (51,161)
Accounts payable and accrued expenses 81,237 132,878 (123,833)
Other current liabilities (4,885) 10,891 291
Net cash provided by operating activities 542,129 344,576 139,568
Cash flows from investing activities      
Purchase of available-for-sale debt securities 0 (99,313) (311,639)
Sale and maturities of available-for-sale securities 0 341,561 8,827,550
Cash acquired from acquisition of equity method affiliate 0 0 1,629
Sale and return of investments 1,426 739 1,107
Purchase of investments (9,291) (4,265) (2,661)
Business combinations, net of cash acquired (7,734) 0 0
Proceeds from sale of digital assets 196 4,805 27,301
Capitalization of software development costs (56,200) (39,098) (32,862)
Purchase of long-lived assets (12,432) (18,128) (654)
Net cash (used in) provided by investing activities (84,035) 186,301 8,509,771
Cash flows from financing activities      
Net changes in deposits held for stablecoin holders 31,139,764 19,452,147 (20,322,155)
Purchase of treasury stock 0 0 (8,745)
Proceeds from issuance of common stock in connection with initial public offering and follow-on public offering, net of underwriting discounts and commissions and offering costs 1,013,097 0 0
Payment of withholding taxes on settlement of restricted stock units (269,732) 0 0
Capital contribution from noncontrolling interest 1,472 0 0
Capitalized transaction costs 0 (3,870) 0
Proceeds from exercise of stock options 51,759 1,614 1,037
Net cash provided by (used in) financing activities 31,936,360 19,449,891 (20,329,863)
Effect of exchange rate changes on cash and cash equivalents, restricted and segregated cash 57,675 (7,099) 1,097
Unrealized gains (losses) on available-for-sale debt securities classified as cash equivalents, net of tax 0 (224) (254)
Net increase (decrease) in cash and cash equivalents, restricted and segregated cash 32,452,129 19,973,445 (11,679,681)
Cash and cash equivalents, restricted and segregated cash at the beginning of the period 44,967,604 24,994,159 36,673,840
Cash and cash equivalents, restricted and segregated cash at the end of the period 77,419,733 44,967,604 24,994,159
Cash and cash equivalents, restricted and segregated cash consisted of the following:      
Cash and cash equivalents 1,526,046 750,981 368,623
Restricted cash 2,792 3,558 3,575
Cash and cash equivalents segregated for corporate-held stablecoins 822,963 294,493 275,809
Cash and cash equivalents segregated for the benefit of stablecoin holders 75,067,932 43,918,572 24,346,152
Total cash and cash equivalents, restricted and segregated cash 77,419,733 44,967,604 24,994,159
Supplemental disclosure of cash flow information      
U.S. Federal 11,500 61,572 63,664
Foreign - Other jurisdictions 1,673 1,007 229
Total cash paid for income taxes 13,330 75,579 81,037
Cash paid for interest 180 258 253
Supplemental schedule of non-cash activities      
Obligations to return digital asset collateral 0 (2,700) (7,053)
Digital assets collateral received 0 1,905 7,053
Net changes in the purchase and redemption of digital financial assets (13,810) 14,328 0
Proceeds from sale of intangible assets 0 0 21,634
Net changes in stablecoins receivable 7,000 16,513 (6,938)
Non-cash purchase of investments and digital assets (5,203) (6,570) (8,937)
Re-issuance of treasury stock to Circle Foundation 23,182 0 0
Conversion of convertible debt 89,003 14,967 0
Capitalized stock-based compensation expense related to internally developed software 86,905 13,646 13,118
Purchases of long-lived assets included in accounts payable and accrued expenses (2,722) 2,874 0
Unrealized gain (loss) on available-for-sale debt securities 0 (224) (815)
Unrealized (loss) gain on convertible notes - credit risk, net of tax (49) 840 1,182
Non-cash consideration for acquisitions (92,294) 0 (209,938)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering 1,140,502 0 0
New York      
Supplemental disclosure of cash flow information      
U.S. State and local 0 4,600 7,702
New York City      
Supplemental disclosure of cash flow information      
U.S. State and local 708 4,061 4,666
Other States      
Supplemental disclosure of cash flow information      
U.S. State and local $ (551) $ 4,339 $ 4,776
v3.25.4
Description of business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of business Description of business
Overview of the Business
On July 1, 2024, Circle Internet Financial Limited (“Circle Ireland”) consummated an Irish High Court-approved scheme of arrangement, pursuant to which issued ordinary shares and preferred shares in the capital of Circle Ireland were cancelled and, in connection with such cancellation, Circle Internet Group, Inc. (“Circle Group”), a Delaware corporation, issued equivalent shares of capital stock (in number and class) to the then-shareholders of Circle Ireland. Upon consummation of the scheme of arrangement, Circle Ireland became a wholly-owned subsidiary of Circle Group. The historical basis of accounting was retained as if the entities had always been combined for financial reporting purposes. The Consolidated Financial Statements include the accounts of Circle Group and its subsidiaries in which we have a controlling financial interest (together, “Circle,” the “Company,” “we,” “us,” or “our”).
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.
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 December 31, 2025.
Certain of our restricted stock units granted to employees included both a service condition and a liquidity-event related performance condition. The performance condition related to these awards was met upon the commencement of trading of our Class A common stock on the New York Stock Exchange, and the Company recognized $423.8 million of stock-based compensation expense, net of $62.7 million of capitalized costs related to internally developed software, for the vesting of approximately 9.5 million shares of Class A common stock, 4.0 million of which were withheld for tax withholding requirements.
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.
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Summary of significant accounting policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of significant accounting policies
2. Summary of significant accounting policies
Basis of Presentation and Principles of Consolidation
The accompanying 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”). 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 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 Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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.
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.
Restricted Cash
Restricted cash is primarily related to amounts held at financial institutions related to the Company’s banking collateral requirements. Restricted cash is restricted from withdrawal due to contractual or regulatory banking requirements or not available for general use and as such is classified as restricted on the Consolidated Balance Sheets.
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 December 31, 2025 and December 31, 2024, balances held in the Fund included in Cash and cash equivalents segregated for the benefit of stablecoin holders were $66.3 billion and $37.5 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 Consolidated Balance Sheets and dividend income is included in Reserve income in the Consolidated Statements of Operations.
Investments
Strategic investments
The Company has strategic investments in equity securities without a readily determinable fair value where the Company (1) holds less than 20% ownership in the entity and (2) does not exercise significant influence. The Company has elected to use the measurement alternative for its equity investments without a readily determinable fair value, pursuant to which these investments are recognized at cost, less impairment, if any, and are remeasured through earnings when there is an observable price change in orderly transactions involving the same or similar investment in the same issuer. The Company recognizes impairment losses on strategic investments in Other income (expense), net in the Consolidated Statements of Operations.
Investment in marketable equity securities
Marketable equity securities are recorded at fair value using quoted market prices reported on recognized securities exchanges. Any change in unrealized holding gains or losses on equity securities are included in Other income (expense), net in the Consolidated Statements of Operations.
Investment in affiliate, equity method
Until the acquisition of the controlling interest in Centre Consortium, LLC (“Centre”) in August 2023, the Company accounted for its 50% equity interest in Centre under the equity method since it had the ability to exercise significant influence, but not control. Refer to Note 3 for additional information regarding the acquisition of the controlling financial interest of Centre. The equity method investment was included in Investments on the Consolidated Balance Sheets, and its share of income and losses were included in Other income (expense), net in the Consolidated Statements of Operations.
Fair Value Measurements
The Company utilizes a fair value hierarchy that prioritizes and ranks the level of observability of inputs used to measure certain assets and liabilities at fair value. The observability of inputs is impacted by a number of factors, including the type of investment, characteristics specific to the investment, market conditions and other factors.
Assets and liabilities with readily available quoted prices or for which fair value can be measured from quoted prices in active markets will typically have a higher degree of input observability and a lesser degree of judgment applied in determining fair value. The three levels of the fair value hierarchy are as follows:
Level 1:    Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used.    
Level 2:    Pricing inputs are other than quoted prices included within Level 1 that are observable for the investment, either directly or indirectly. Level 2 pricing inputs include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, inputs other than quoted prices that are observable for the investment, and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3:    Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation.    
Accounts Receivable and Allowance for Credit Losses
Accounts receivable are contractual rights to receive cash or digital assets either on demand or at fixed or determinable dates and are recognized as assets on the Company’s balance sheet when earned. Accounts receivable consists of customer funds receivable and other receivables.
Accounts receivable are presented net of an allowance for credit losses, which is an estimate of amounts that may not be collectible. The Company performs ongoing evaluations of its accounts receivable and, if necessary, provides an allowance for current expected credit losses. The Company writes off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues collection of the receivable.
Digital Assets
The Company receives, purchases, utilizes, and sells digital assets in the ordinary course of business and holds certain digital assets as investments.
Effective January 1, 2024, upon the adoption of Accounting Standards Update No. 2023-08, Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), digital assets are measured at fair value. 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 Consolidated Statements of Operations. Changes in fair value of digital assets held as investments are recognized in Other income (expense), net. 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.
Prior to January 1, 2024, digital assets were accounted for as intangible assets with indefinite useful lives. The Company initially measured digital assets at cost and tested digital assets for impairment by comparing the digital asset’s fair value to its carrying value and recognized an impairment loss whenever the carrying value exceeded quoted market prices of the respective digital asset during the period. Company owned digital assets and digital assets held as collateral were reflected within Digital Assets on the Consolidated Balance Sheets. Impairment losses were reflected within Digital assets losses (gains) in the Consolidated Statements of Operations.
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 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 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 Consolidated Statements of Cash Flows in the same manner as if such payments were settled in cash.
As of December 31, 2025 and December 31, 2024, 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.
Derivative Contracts, including Embedded Derivatives
Derivative instruments are financial instruments or other contracts that derive their value from one or more underlying variables. Derivative contracts are recognized as either assets or liabilities on the Consolidated Balance Sheets at fair value, with changes in fair value recognized in Other income (expense), net or Digital assets losses (gains) in the Consolidated Statements of Operations.
The Company has entered into certain contracts resulting in the right to receive or obligation to deliver certain digital assets in the future. These contracts are accounted for as derivatives in their entirety or as hybrid instruments containing a debt-like host contract and an embedded derivative that is bifurcated from the host contract. The derivative or embedded derivative is subsequently measured at fair value.
Intangible Assets, net
Intangible assets with definite lives are amortized on a straight-line basis over their estimated useful lives. The Company’s finite-lived intangible assets are reviewed for impairment at least annually, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, and intangibles are also evaluated periodically to determine their remaining useful lives.
Internally developed software
Internally developed software represents direct costs incurred to develop software for internal use and are capitalized and amortized over an estimated useful life of two years. Unamortized internally developed software development costs are included in Intangible assets, net on the Consolidated Balance Sheets.
Acquired intangible assets
The Company reviews the carrying amount of its long-lived assets, including intangible assets with finite lives, at least annually, or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Unamortized acquired intangible assets are included in Intangible assets, net on the Consolidated Balance Sheets. Indefinite-lived acquired intangible assets, which include intellectual property rights, are not amortized. As a result, these assets are tested for impairment through qualitative and quantitative assessments at least annually in the fourth quarter and whenever events or circumstances occur indicating that indefinite-lived intangible assets might be impaired. We test our indefinite-lived intangible assets by comparing the fair values with the carrying values and recognize a loss for the difference.
There were no impairments recorded for intangible assets for the years ended December 31, 2025, 2024 and 2023.
Goodwill, Intangible Assets and Other Long-lived Assets
The Company performs a qualitative assessment on goodwill at least annually, during the fourth quarter, or more frequently if indicators of potential impairment exist, to determine if any events or circumstances exist, such as an adverse change in business climate or a decline in the overall industry that would indicate that it would more likely than not reduce the fair value of a reporting unit below its carrying amount. If it is determined in the qualitative assessment that the fair value of a reporting unit is more likely than not below its carrying amount, then the Company will perform a quantitative impairment test. The quantitative goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. Any excess in the carrying amount of a reporting unit’s goodwill over its fair value is recognized as an impairment loss, limited to the total amount of goodwill allocated to that reporting unit. For purposes of goodwill impairment testing for the years ended December 31, 2025, 2024 and 2023, the Company had one reporting unit.
Acquisition-related intangible assets with finite lives are amortized over their estimated useful lives. The Company evaluates long-lived assets, including property, equipment and leasehold improvements and other intangible assets subject to amortization, for recoverability whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable based on expected future cash flows attributable to that asset or asset group. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds estimated undiscounted future cash flows, then an impairment charge would be recognized based on the excess of the carrying amount of the asset or asset group over its fair value. Assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell.
In 2025, the Company changed its annual goodwill and indefinite-lived intangible assets impairment testing date from December 31 to October 1. This change in accounting principle is preferable because it allows for the timely completion of the impairment test prior to the commencement of annual financial reporting processes. The change in date does not delay or accelerate an impairment charge.
There were no impairment charges recognized related to goodwill, intangible assets, or other long-lived assets during the years ended December 31, 2025, 2024 and 2023.
Revenue Recognition
The Company determines revenue recognition from contracts with customers through the following steps:
•identification of the contract, or contracts, with the customer,
•identification of the performance obligations in the contract,
•determination of the transaction price,
•allocation of the transaction price to the performance obligations in the contract, and
•recognition of the revenue when, or as, the Company satisfies a performance obligation.
Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by transferring promised goods or services to customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services.
The Company recognizes revenue from contracts with customers as it satisfies its obligation to customers. Services include Subscription, Transaction and Other revenue. Reserve income, Treasury services income relating to Circle stablecoin lending services and Other interest income are not contracts with customers. See Note 11 — Revenue Recognition for further detail.

Distribution Arrangements
The Company has entered into distribution arrangements and incentive agreements with digital asset exchanges, market makers, blockchain foundations, and other stablecoin liquidity providers. With respect to one of our main distribution agreements, prior to August 2023, a portion of the reserve income earned on fiat denominated assets held in reserve accounts was paid to a digital asset exchange based on (i) the amount of USDC distributed by each respective party and (ii) the amount of USDC held on each respective party’s platform (e.g., held in its customers’ accounts) in relation to the total amount of USDC in circulation. Subsequent to August 2023, the Company makes payments to this digital asset exchange based on the amount of USDC held on each respective party's platform and based on the amount of USDC in circulation held outside of each respective party's platform. The Company accounts for these agreements as executory contracts and accrues amounts payable as reserve income is earned and the amounts to be allocated are determinable. The costs associated with these are recognized in Distribution and transaction costs in the Consolidated Statements of Operations.
Marketing Expenses
The Company expenses the cost of producing advertisements at the time production occurs and expenses the cost of communicating advertisements in the period during which the advertising space or airtime is used as sales and marketing expense. Online advertising expenses are recognized based on the terms of the individual agreements, which are generally over the greater of the ratio of the number of impressions delivered over the total number of contracted impressions, on a pay-per-click basis, or on a straight-line basis over the term of the contract.
The Company expenses the costs of marketing with various partners in the digital asset ecosystem over the term of the individual agreement. Marketing expenses are expensed as incurred and presented as a component of Operating Expenses in the Consolidated Statements of Operations.
General and Administrative Expenses
General and administrative expenses include costs incurred to support the Company’s business, including professional services fees paid for legal, accounting and consulting services, rent, employee meals and entertainment, travel expenses, credit losses, insurance, training and education, compliance, contributions and donations, including contributions to the Circle Foundation, and other administrative services. General and administrative costs are expensed as incurred or, in the case of charitable contributions in the period the contribution is made. General and administrative expenses are presented as a component of Operating Expenses in the Consolidated Statements of Operations.
Income Taxes
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of the enactment date. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized.
The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.
For U.S. Federal tax purposes, digital asset transactions are treated on the same tax principles as property transactions. The Company recognizes a gain or loss when digital assets are exchanged for other property, in the amount of the difference between the fair market value of the property received and the tax basis of the exchanged digital assets. Receipts of digital assets in exchange for goods or services are included in taxable income at the fair market value on the date of receipt.
Foreign Currency
The functional currency for most subsidiaries outside of the United States is the local currency. For purposes of the Company's Consolidated Financial Statements, the assets and liabilities of these subsidiaries are translated to U.S. dollars at exchange rates in effect at the balance sheet date. Revenues, costs and expenses from these entities are translated to U.S. dollars using average daily exchange rates. Gains and losses resulting from these translations are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as Other income (expense), net in the Consolidated Statements of Operations.
Concentration of Credit Risk
The Company’s cash, cash equivalents, restricted cash, accounts receivable and stablecoin receivables and loan receivables are potentially subject to concentration of credit risk. Cash, cash equivalents and restricted cash are placed with financial institutions which are of high credit quality. The Company has corporate and reserve deposit balances with multiple financial institutions that substantially exceed the Federal Deposit Insurance Corporation insurance limit of $250,000 per financial institution.
Related Party Transactions
During the year ended December 31, 2025, we employed the adult child of our co-founder and non-executive director, P. Sean Neville. This individual, who is employed in a non-executive role, received total compensation in excess of $120,000. This compensation was determined in accordance with the Company practices applicable to similarly situated employees, and Mr. Neville did not participate in decisions regarding the individual’s hiring, compensation, or advancement.
In September 2023, we entered into an agreement with a Director to repurchase up to 240 thousand common shares of the Company to satisfy the Director's tax obligations relating to the exercise of expiring options. The repurchase was at a price of $25.09 per share. The repurchase transaction closed in October 2023, and these treasury shares were subsequently canceled in December 2023.
On November 7, 2022, we entered into an agreement to invest $0.3 million into a startup focused on consumer interaction with the digital economy, in return for equity under a simple agreement for future equity and token warrants. On February 19, 2025, the startup closed a preferred equity financing round, in connection with which our simple agreement for future equity converted into shares of preferred stock in the startup. P. Sean Neville, a member of our board of directors, is the founder and chief executive officer and owns 40% of this company. Additionally, Bradley Horowitz, a current member of our board of directors, is a minority investor in the company, and Anita Sands, a member of our board of directors at the time of our initial investment, is a minority investor in and strategic advisor to this company.
On October 7, 2022, we entered into an agreement to invest $0.3 million in the Series A funding of a startup focused on building an integrated platform that deconstructs loan documents into digital data. Jeremy Fox-Geen, one of our executive officers, is the domestic partner to the founder and chief executive officer of this company.
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 fifteen percent 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 lower 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 Consolidated Statements of Operations.
The Company estimates the fair value of stock options 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 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 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 is based on the average period the stock option is expected to remain outstanding based on the stock option’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.
Common Stock Valuation
Prior to the IPO, the valuations of our common stock were determined in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. In the absence of an active market, our board of directors, with input from management, exercised significant judgment and considered numerous objective and subjective factors to determine the fair value of our common stock as of the date of each option grant, including the following factors:
•the results of contemporaneous valuations performed at periodic intervals by an independent valuation firm;
•the prices, rights, preferences, and privileges of our convertible preferred stock relative to those of our common stock;
•the prices of our convertible preferred stock and common stock sold to investors in arms-length transactions or offered to investors through a tender offer;
•our actual operating and financial performance and estimated trends and prospects for our future performance;
•our stage of development;
•the likelihood of achieving a liquidity event, such as an initial public offering, direct listing, or sale of our company, given prevailing market conditions;
•the lack of marketability involving securities in a private company;
•the market performance of comparable publicly-traded companies; and
•U.S. and global capital market conditions.
In valuing our common stock, we utilized a probability weighted expected return method, or PWERM. The PWERM involves the estimation of the value of our company under multiple future potential outcomes for us, and estimates of the probability of each potential outcome. The per share value of our common stock determined using the PWERM is ultimately based upon probability-weighted per share values resulting from the various future scenarios, which include an initial public offering or continued operation as a private company. Additionally, the PWERM was combined with the Option Pricing Model to determine the value of the securities comprising our capital structure in certain of the scenarios considered in the PWERM.
After the equity value is determined and allocated to the various classes of shares, a discount for lack of marketability, is applied to arrive at the fair value of the common stock to account for the lack of marketability of a stock that is not traded on public exchanges.
After the IPO, the Company uses the publicly quoted market closing price as reported on the New York Stock Exchange as the fair value of its common stock.
Business Combinations
The Company accounts for business combinations using the acquisition method of accounting. This method requires that the purchase price of the acquisition be allocated to the assets acquired and liabilities assumed using the fair values as of the acquisition date. The excess of the purchase price over the amounts allocated to assets acquired and liabilities assumed is recorded as goodwill.
We use our best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed as of the acquisition date. Our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill to the extent we identify adjustments to the preliminary purchase price allocation. Upon the conclusion of the measurement period or final determination of the fair values of the assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in our Consolidated Statements of Operations. Our Consolidated Financial Statements include the results of operations from the date of acquisition for each business combination.
Earnings (Loss) Per Share Attributable to Common Stockholders
The Company computes earnings (loss) per share using the two-class method required for participating securities. The two-class method requires that income from continuing operations shall be reduced by the amounts of dividends declared in the period for each class of stock and any contractual dividends that must be paid; and, if applicable, any deemed dividends. The Company’s convertible preferred stock issued were considered to be participating securities prior to the conversion in connection with the IPO. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses.
Basic earnings (loss) per share is calculated by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. Options, warrants, unvested share-based payment awards and convertible securities are excluded from the basic earnings (loss) per share calculation. Contingently issuable shares are included in basic earnings (loss) per share only if all the necessary conditions for the issuance of such shares have been satisfied by the end of the period. Diluted earnings (loss) per share is computed by dividing income available to common stockholders, adjusted for the effects of the presumed issuance of potential common shares, by the number of weighted average common shares outstanding, plus potentially issuable shares, such as those that result from the conversion of a convertible instrument, exercise of a warrant, or vesting of an award.
Segment Reporting
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (the “CODM”). The Company's CODM is the Chief Executive Officer. The CODM reviews net income and expenses presented on a consolidated basis consistent with the presentation of the Consolidated Statements of Operations for purposes of making operating decisions, allocating resources, and evaluating financial performance. The significant segment expenses are consistent with the expenses presented on the Consolidated Statements of Operations. The CODM does not review segment assets at a level or category other than what is reported on the Consolidated Balance Sheets. As a result, the Company in its entirety, and on a consolidated basis, is a single reportable segment. The accounting policies of the Company’s single reportable segment are the same as those described in this Note 2. Refer to Note 1 for a description of the segment’s business and Note 11 for revenues by product and service.
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 will only impact annual disclosures.
In December 2023, the FASB issued ASU 2023-08 to improve the accounting for, and disclosure of, certain crypto assets. ASU 2023-08 requires an entity to measure those crypto assets at fair value each reporting period with changes in fair value recognized in net income. The amendments also improve the information provided to investors about an entity’s crypto asset holdings by requiring disclosure about significant holdings, contractual sale restrictions, and changes during the reporting period. The Company early-adopted ASU 2023-08 beginning January 1, 2024 using a modified retrospective approach. In connection with the adoption, the Company recorded $6.9 million to Digital assets and an associated deferred tax liability of $0.2 million, for a net cumulative effect of $6.7 million recorded to opening accumulated deficit at January 1, 2024.
In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Improvements to Reportable Segments Disclosures (“ASU 2023-07”). ASU 2023-07 requires public entities to provide disclosures of significant segment expenses and other segment items. The standard allows entities to disclose more than one measure of segment's profit or loss if such measures are used by the CODM to allocate resources and assess performance, as long as at least one of those measures is determined in a way that is most consistent with the measurement principles used to measure the corresponding amounts in the Consolidated Financial Statements. The Company adopted ASU 2023-07 retrospectively for its fiscal year ended December 31, 2024, and for interim periods beginning January 1, 2025. The new standard only impacted disclosures.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) (“ASU 2016-13”). The amendments in this and the related ASUs introduce broad changes to accounting for credit impairment of financial instruments. The primary updates include the introduction of a new current expected credit loss (“CECL”) model that is based on expected rather than incurred losses and amendments to the accounting for impairment of held-to-maturity securities and available for sale securities. The Company adopted ASU 2016-13 beginning January 1, 2023 using a modified retrospective approach. In connection with the adoption, the Company recorded $1.0 million of incremental credit losses with a charge to opening retained earnings at January 1, 2023.
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 May 2025, the FASB issued Accounting Standards Update No. 2025-04, Clarifications to Share-Based Consideration Payable to a Customer (“ASU 2025-04”). ASU 2025-04 clarifies guidance on accounting for share-based payments granted to a customer, that are accounted for as a reduction of revenue, by revising the definition of a performance condition to include conditions based on customer purchases and eliminating a policy election to account for forfeitures of customer awards as they occur. The guidance also clarifies that the variable consideration constraint does not apply to share-based consideration payments to customers. ASU 2025-04 is effective for the Company for its fiscal year beginning January 1, 2027 and for interim periods beginning in that year. The guidance allows for either a modified retrospective or full retrospective adoption, and early adoption is permitted. The Company is currently assessing ASU 2025-04 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.
v3.25.4
Acquisitions and divestitures
 12 Months Ended
Dec. 31, 2025
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 consists 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 is presented as noncontrolling interest in the Consolidated Balance Sheets and Consolidated Statements of Operations. Noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of net 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 December 31, 2025. 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 will be amortized over a period of two years once placed in service.
Centre Consortium, LLC
In August 2023, the Company acquired the remaining outstanding 50% equity interest in Centre Consortium, LLC (“Centre”) from a digital asset exchange (the “Centre Acquisition”). Total consideration for the Centre Acquisition was $209.9 million consisting of approximately 8.4 million common shares of the Company measured at fair value. Upon completion of the Centre Acquisition, Centre became an indirect wholly-owned consolidated subsidiary of the Company. In December 2023, the Company dissolved Centre, and its net assets were distributed to another wholly-owned subsidiary of the Company. Substantially all of the assets acquired were associated with a single group of complementary intangible assets associated with stablecoin trade names, trademarks, and developed technology. The group of complementary intangible assets has an indefinite life based on the Company's historical and continuing use of the asset, the importance to its business, and the lack of substantive legal, regulatory, and contractual restrictions on its useful life. In addition, deferred tax assets and liabilities of $8.7 million and $57.3 million, respectively, were recorded upon completion of the acquisition.
Divestitures
Sale of SeedInvest
In October 2022, as a result of the Company’s strategic decision to focus on its core business, the Company entered into a binding agreement to sell certain assets of SeedInvest to a subsidiary of StartEngine Crowdfunding, Inc. (“StartEngine”) in exchange for 960 thousand common shares of StartEngine, a noncontrolling interest that does not provide the Company with significant influence. The transaction closed in May 2023 after receiving regulatory approvals and the Company recorded a gain on the sale of $21.6 million recorded to Gain on sale of intangible assets on the Consolidated Statements of Operations.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
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):
Supplemental balance sheet information related to leases is as follows (in thousands):
Table 4.2. Details of Lease Right-of-use Assets and Liabilities
December 31, 2025December 31, 2024
Operating lease right-of-use assets
$14,127 $15,493 
Operating lease liabilities - current2,686 2,637 
Operating lease liabilities - non-current11,978 13,074 
Total operating lease liabilities$14,664 $15,711 
Operating lease liabilities are included in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets, while operating lease right-of-use assets are included in Other non-current assets on the Consolidated Balance Sheets.
Weighted-average lease terms and discount rates are as follows:
Table 4.3. Weighted-average Lease Terms and Discount Rates
December 31, 2025December 31, 2024
Weighted-average remaining lease term
7.4 years8.3 years
Weighted-average discount rates13.4 %12.8 %
Maturities of lease liabilities under operating leases are as follows (in thousands):
Table 4.4. Maturities of Lease Liabilities
Years ending December 31,
2026$3,111 
20273,164 
20282,788 
20293,058 
20303,119 
Thereafter8,825 
Total lease payments24,065 
Less: imputed interest
9,401 
Total lease liabilities$14,664 
v3.25.4
Goodwill and Intangible assets, net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible assets, net
Goodwill
The following table reflects the changes in the carrying amount of goodwill (in thousands):
5.1. Details of Goodwill
Year ended December 31,
20252024
Balance, beginning of period
$169,544 $169,544 
Additions due to business combinations
96,198 — 
Balance, end of period
$265,742 $169,544 
There were no accumulated goodwill impairment losses in any period presented.
Intangible assets, net
The useful life of the Company’s finite-lived acquired intangible assets is as follows:
Table 5.2. Acquired Intangible Assets Useful Life
Acquired intangible assets
Useful life (years)
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 5.3. Details of Intangible Assets, net
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 
As of December 31, 2024Gross
carrying
amount		Accumulated
amortization		Intangible
assets, net		Weighted
average
remaining
useful
life (in years)
Amortizing intangible assets
Internally developed software $146,579 $(94,646)$51,933 1.4
Acquired intangible assets
31,373 (18,316)13,057 5.8
Total amortizing intangible assets
$177,952 $(112,962)$64,990 
Indefinite-lived intangible assets
Acquired intangible assets
266,404 — 266,404 
Total intangible assets, net$444,356 $(112,962)$331,394 
The expected future amortization expense for amortizing intangible assets is as follows (in thousands):
Table 5.4. Future Amortization Expense of Intangible Assets

Years ending December 31,
2026$93,148 
202748,102 
20281,515 
2029125 
2030125 
Thereafter 1,301 
Total amortization expense $144,316 
v3.25.4
Fixed assets, net
 12 Months Ended
Dec. 31, 2025
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
December 31, 2025December 31, 2024
Computers & equipment
$5,815 $4,920 
Leasehold improvements
20,102 739 
Construction in progress— 16,204 
Other
4,113 1,600 
Total fixed assets30,030 23,463 
Less: accumulated depreciation and amortization(7,239)(4,781)
Total fixed assets, net$22,791 $18,682 
Depreciation expense was $3.0 million, $1.9 million, and $1.8 million for the years ended December 31, 2025, 2024 and 2023 respectively, which is included within Depreciation and amortization expense on the Consolidated Statements of Operations.
v3.25.4
Digital assets
 12 Months Ended
Dec. 31, 2025
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
December 31, 2025December 31, 2024
QuantityCost BasisFair ValueQuantityCost BasisFair Value
Canton Coin367,760,063$13,612 $56,028 —$— $— 
Bitcoin732,255 6,409 732,113 6,781 
Sui3,838,4058,599 5,385 2,304,6722,385 9,483 
Ether1,7474,529 5,188 1,7464,455 5,815 
Other digital assets (1)
n.m.26,880 13,505 n.m.10,805 9,251 
$55,875 $86,515 $19,758 $31,330 
(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
As of December 31, 2025, there are certain digital assets with a total fair value of $1.5 million subject to various time-based contractual sale restrictions ranging from January 2026 until March 2029.
The following table summarizes the changes in the fair value of digital assets (in thousands):
Table 7.2. Changes in the Fair Value of Digital Assets
Balance as of December 31, 2024$31,330 
Addition of digital assets(1)
37,578 
Disposition of digital assets(2)
(605)
Gains(3)
44,195 
Losses(3)
(25,983)
Balance as of December 31, 2025$86,515 
(1) Additions primarily represent receipts from customers for services and purchases of digital assets.
(2) Dispositions primarily represent payment for blockchain gas fees and services.
(3) The Company measures gains and losses by each asset held. The Company recorded realized gains of $0.2 million and realized losses of $1.0 million during the year ended December 31, 2025, respectively.
Balance as of December 31, 2023$11,339 
Cumulative effect of the adoption of ASU 2023-086,921 
Addition of digital assets(1)
12,339 
Disposition of digital assets(2)
(10,148)
Gains(3)
13,468 
Losses(3)
(2,589)
Balance as of December 31, 2024
$31,330 
(1) Additions primarily represent purchases of digital assets and receipts from customers for services.
(2) Dispositions primarily represent payment for blockchain gas fees and services.
(3) The Company measures gains and losses by each asset held. The Company recorded realized gains of $4.2 million and realized losses of $0.9 million during the year ended December 31, 2024, respectively.
Digital assets (losses) gains consists of the following (in thousands):
Table 7.3. Digital Assets (losses) gains
Year ended December 31,
202520242023
(Gains)/losses on disposals of digital assets$(55)$(3,375)$(13,964)
(Gains)/losses on changes in fair value of hedged items— — (9,031)
(Gains)/losses on changes in fair value of embedded derivatives— 1,629 8,553 
Unrealized (gains)/losses on changes in fair value of digital assets5,348 (2,505)— 
Impairments on digital assets— — 954 
Total$5,293 $(4,251)$(13,488)
Refer to Note 12 for gains and losses on digital assets held for investments.
v3.25.4
Investments
 12 Months Ended
Dec. 31, 2025
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 $84.3 million and $84.1 million as of December 31, 2025 and December 31, 2024, respectively, which are included in Investments on the 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 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, 2024$68,229 
Net investments and returns in privately held companies11,320 
Upward adjustments4,644 
Downward adjustments(5,373)
Realized gains (losses) and impairments
(312)
Balance as of December 31, 2025 (1)
$78,508 
(1)Excludes $5.8 million of strategic investments not accounted for under the measurement alternative as of December 31, 2025.

Balance as of December 31, 2023$66,008 
Net investments and returns in privately held companies
1,162 
Upward adjustments4,969 
Downward adjustments
(2,098)
Realized gains (losses) and impairments
(1,812)
Balance as of December 31, 2024 (1)
$68,229 
(1) Excludes $15.9 million of strategic investments not accounted for under the measurement alternative as of December 31, 2024.
v3.25.4
Derivatives and embedded derivatives
 12 Months Ended
Dec. 31, 2025
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 Consolidated Balance Sheets. The derivatives and bifurcated embedded derivatives are marked to market through Other income (expense), net in the Consolidated Statements of Operations. Embedded derivatives are presented together with the respective host contract on the 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 Consolidated Statements of Operations. Embedded derivatives are presented together with the respective host contract within Accounts receivable, net on the Consolidated Balance Sheets.
The Company accounted for its obligation to return digital assets held as collateral as a debt host payable with an embedded derivative at fair value and recognizes the liability within Obligations to return digital asset collateral on the Consolidated Balance Sheets. The arrangement is a hybrid instrument, consisting of a debt host contract initially measured at fair value with an embedded forward feature based on the changes in the fair value of the underlying digital asset. Within the obligation to return digital asset collateral is a feature indexed to the underlying digital asset that is not clearly and closely related to a debt instrument and therefore meets the definition of a derivative, which requires bifurcation. Such feature is bifurcated and recorded at fair value through Digital assets losses (gains) on the Consolidated Statements of Operations. In 2023, the Company designated the embedded derivatives associated with the obligation to return digital asset collateral related to stablecoin lending as the hedging instrument in a fair value hedge relationship to hedge the fair value exposure of the corresponding digital assets. Subsequent to the fair value hedge designation, changes in the fair value of the hedged item were recorded to Digital assets losses (gains) along with the associated changes in the fair value of the embedded derivative in the Consolidated Statements of Operations. The hedging relationship was de-designated upon the adoption of ASU 2023-08 on January 1, 2024, and the Company had no digital assets held as collateral as of December 31, 2025 or 2024.
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
December 31, 2025December 31, 2024
Investments - embedded derivatives$899 $8,982 
Investments - derivatives$473 $350 
Accounts receivable, net - embedded derivatives
$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
December 31, 2025December 31, 2024
Investments - embedded derivatives$1,153 $791 
Investments - derivatives$582 $384 
Accounts receivable, net - embedded derivatives
$4,000 $— 
Gains (losses) on derivatives and embedded derivatives are as follows (in thousands):
Table 9.3. Gains (losses) on Derivative and Embedded Derivatives
Year ended December 31,
2025
2024
2023
DerivativesHedged ItemsTotal Income Statement ImpactDerivativesHedged ItemsTotal Income Statement ImpactDerivativesHedged ItemsTotal Income Statement Impact
Investments - derivatives and embedded derivatives (1)
$(5,158)$— $(5,158)$8,175 $— $8,175 $2,776 $— $2,776 
Accounts receivable, net - embedded derivatives (1)
$17,461 $— $17,461 $— $— $— $— $— $— 
Prepaid expenses and other assets - embedded derivatives (1)
$— $— $— $— $— $— $935 $— $935 
Obligation to return digital asset collateral - embedded derivatives (2)
$— $— $— $1,629 $— $1,629 $8,553 $(9,031)$(478)
(1) Included in Other income (expense), net in the Consolidated Statements of Operations.
(2) Included in Digital assets losses (gains) in the Consolidated Statements of Operations. The hedging relationships were de-designated upon the adoption of ASU 2023-08 on January 1, 2024.
v3.25.4
Fair value measurements
 12 Months Ended
Dec. 31, 2025
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 and cash equivalents, accounts receivable, stablecoin receivables, 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)December 31, 2025December 31, 2024
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Assets
Cash equivalents (1)
$67,483,506 $— $— $37,841,697 $— $— 
Digital assets86,515 — 31,330 — — 
Digital financial assets
542 — — 14,328 — — 
Investments - derivatives and embedded derivatives (2)(3)
— 1,372 — — 9,332 — 
Accounts receivable, net - embedded derivatives (4)
— 19,942 — — — — 
Total assets$67,570,563 $21,314 $— $37,887,355 $9,332 $— 
Liabilities
Convertible debt, net of debt discount$— $— $36,821 $— $— $40,717 
Warrant liability — — — — — 1,591 
Total liabilities$— $— $36,821 $— $— $42,308 
(1) Included $66.3 billion and $37.5 billion of Circle Reserve Fund as of December 31, 2025 and December 31, 2024, 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 $1.2 million and $0.8 million as of December 31, 2025 and December 31, 2024, respectively.
(4) Excluded the host contract balance of $4.0 million as of 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 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 are reflected in the following tables (in thousands):
Table 10.2. Changes in Carrying Value of Warrant Liability
Balance as of December 31, 2024$1,591 
Warrants exercised
(1,591)
Balance as of December 31, 2025$— 
Balance as of December 31, 2023$1,642 
Fair value adjustment (51)
Balance as of December 31, 2024$1,591 
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 matures 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 September 2024, certain holders of the Company’s note converted their principal balance of $8.3 million into 524 thousand shares of Series E preferred stock at a conversion rate of $16.23 per share. 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 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 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, 2024$40,717 
Net discount on convertible notes 735 
Capitalized interest 334 
Fair value adjustment 83,725 
Fair value adjustment  –  credit risk 71 
Conversion of convertible notes
(88,761)
Balance as of December 31, 2025$36,821 
Balance as of December 31, 2023$58,487 
Net discount on convertible notes 1,062 
Capitalized interest 479 
Fair value adjustment (3,428)
Fair value adjustment  –  credit risk (1,095)
Conversion of convertible notes
(14,788)
Balance as of December 31, 2024$40,717 
The following significant unobservable inputs were used in the valuation:
Table 10.4. Significant Unobservable Inputs
December 31, 2025December 31, 2024
Discount rate 8.0 %7.5 %
Volatility 44.8 %65.0 %
Risk-free rate 3.7 %4.1 %
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.
v3.25.4
Revenue recognition
 12 Months Ended
Dec. 31, 2025
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
Year ended December 31,
202520242023
Reserve income
$2,636,822 $1,661,084 $1,430,606 
Other revenue:
Subscription and services$84,783 $6,054 $6,992 
Transaction revenue24,335 2,852 546 
Other 702 6,263 12,322 
Total other revenue109,820 15,169 19,860 
Total revenue and reserve income from continuing operations$2,746,642 $1,676,253 $1,450,466 
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 includes 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, 2024$13,390 
Deferred revenue billed in the current period, net of recognition
11,512 
Revenue recognized that was included in the beginning period (13,390)
Balance at December 31, 2025$11,512 
Balance at December 31, 2023$2,499 
Deferred revenue billed in the current period, net of recognition
13,390 
Revenue recognized that was included in the beginning period (2,499)
Balance at December 31, 2024$13,390 
v3.25.4
Other income (expense), net
 12 Months Ended
Dec. 31, 2025
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
Year ended December 31,
202520242023
Gains (losses) on digital assets and other investments, net $23,811 $8,560 $(3,648)
Interest income on corporate balances47,672 34,712 29,262 
Changes in fair value of convertible debt, warrant liability, and embedded derivatives
(71,422)11,653 24,865 
Interest expense and amortization of discount
(1,226)(1,906)(1,912)
Foreign currency exchange gain (loss)(7,922)(368)(956)
Other, net 2,629 1,765 1,810 
Total Other income (expense), net
$(6,458)$54,416 $49,421 
v3.25.4
Income taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income taxes
13. Income taxes
The Company’s net income (loss) from continuing operations before provision for income taxes for the years ended December 31, 2025, 2024 and 2023 consists of the following (in thousands):
Table 13.1. Net Income (loss) before Income Taxes
Year ended December 31,
202520242023
Domestic$(165,134)$241,476 $364,179 
Foreign62,241 (19,902)(45,230)
Total income (loss) before provision for income taxes
$(102,893)$221,574 $318,949 
The components of the provision for income taxes from continuing operations consist of the following (in thousands):
Table 13.2. Components of Income Taxes
Year ended December 31,
202520242023
Current
Federal$(32,805)$57,623 $66,186 
State(698)10,226 13,225 
Foreign2,400 542 882 
Total Current(31,103)68,391 80,293 
Deferred:
Federal2,298 7,625 (31,383)
State(1,691)(652)(834)
Foreign(2,879)(10,781)(676)
Total Deferred(2,272)(3,808)(32,893)
Total$(33,375)$64,583 $47,400 
The Company’s income tax expense from continuing operations differs from the taxes computed by applying the federal income tax rate of 21% to the income (loss) before income taxes. A reconciliation of these differences is as follows (in thousands):
Table 13.3. Effective Tax Rate Reconciliation
Year ended December 31,
202520242023
Amount
Percent
Amount
Percent
Amount
Percent
Federal income taxes at 21%$(21,608)21.0 %$46,530 21.0 %$66,979 21.0 %
State and local taxes, net of federal income tax effect (1)
3,704 (3.6)%7,550 3.4 %9,712 3.0 %
Foreign tax effects
Ireland
Other non-deductible Irish expenses
1,741 (1.7)%3,617 1.6 %— — %
Changes in valuation allowances
1,871 (1.8)%(2,596)(1.2)%3,978 1.2 %
Other(9,957)9.7 %223 0.1 %(1,866)(0.6)%
United Kingdom
Changes in valuation allowances(63)0.1 %(7,464)(3.4)%2,353 0.7 %
Other(1,215)1.2 %(511)(0.2)%(1,842)(0.6)%
Taiwan
Stock-based compensation
121 (0.1)%3,929 1.8 %6,398 2.0 %
Other(415)0.4 %(1,261)(0.6)%367 0.1 %
Other foreign jurisdictions(5,738)5.6 %(1,873)(0.8)%197 0.1 %
Non-taxable or non-deductible items:
Stock-based compensation
(136,641)132.8 %1,380 0.6 %9,446 3.0 %
Non-deductible compensation
30,571 (29.7)%— — %— — %
Research and development expense disallowance
8,751 (8.5)%— — %— — %
Change in fair value of convertible note
17,552 (17.1)%— — %— — %
Other3,473 (3.4)%600 0.3 %716 0.2 %
Effect of cross-border tax laws
Foreign branch deferred accounting818 (0.8)%10,175 4.6 %— — %
Other672 (0.7)%2,030 0.9 %— — %
Tax credits
Research and development credits
(60,644)58.9 %(7,536)(3.4)%(756)(0.2)%
Changes in unrecognized tax benefits
16,750 (16.3)%2,230 1.0 %(1,860)(0.6)%
Changes in valuation allowances
112,919 (109.7)%9,903 4.5 %(51,622)(16.2)%
Other adjustments
3,963 (3.9)%(2,343)(1.1)%5,200 1.6 %
Effective tax rate
$(33,375)32.4 %$64,583 29.1 %$47,400 14.9 %
(1)State taxes in New York and New York City made up the majority (greater than 50 percent) of the tax effect in this category.
Significant components of the Company’s net deferred tax assets and liabilities consist of the following (in thousands):
Table 13.4. Significant Components of Deferred Tax Assets and Liabilities
December 31, 2025December 31, 2024
Deferred tax assets:
Stock-based compensation
$59,785 $25,723 
Capitalized research expenses8,417 18,250 
Net operating loss carryforwards117,342 12,988 
Accruals and reserves9,474 11,431 
Capital loss carryforward7,826 5,760 
Lease liabilities3,353 3,741 
Charitable contribution carryforward
4,802 — 
Tax credit carryforwards11,662 1,418 
Unrealized loss on investments— 1,368 
Other, net2,078 395 
Total deferred tax assets224,739 81,074 
Valuation allowance(158,114)(31,029)
Total deferred tax assets, net of valuation allowance 66,625 50,045 
Deferred tax liabilities:
Intangible assets(52,387)(53,925)
Foreign branch income(10,583)(10,175)
Right-of-use assets(3,231)(3,689)
Credit risk adjustment— (1,049)
Fixed assets(2,309)(290)
Unrealized foreign currency exchange gain (loss)— (253)
Unrealized (gain) loss on digital assets and other investments
(14,270)— 
Other(1,437)— 
Total deferred tax liabilities(84,217)(69,381)
Deferred tax liabilities, net$(17,592)$(19,336)
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.
Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planning strategies in making this assessment. The Company released a portion of its foreign valuation allowance in 2024, primarily due to the Company’s foreign country book and taxable profits. The Company continues to maintain a full valuation allowance, except to the extent of utilizable deferred tax liabilities, in the U.S. and certain foreign jurisdictions.
The Company has U.S. federal net operating losses carryforward of $478.8 million, of which $3.4 million are subject to limitations under the Separate Return Limitation Year restrictions, and may be carried forward indefinitely. In addition, the Company has U.S. Federal and State capital loss carryforwards of $9.5 million which begin to expire in 2027.
The Company has U.S. state net operating loss carryforwards of $135.6 million, including approximately $45.0 million attributable to New York State and $45.0 million attributable to New York City. The state net operating loss carryforwards generally have 20-year carryforward periods and begin to expire in 2038, with the majority expiring beginning in 2046.
The Company also has foreign net operating losses carryforwards and capital loss carryforwards of approximately $38.9 million and $18.5 million, respectively. These attributes may be subject to various annual and carryforward limitations under the tax laws of the different jurisdictions in which the Company operates.
Significant judgment is required in evaluating the Company’s uncertain tax positions and determining the provision for income taxes. The Company follows the provisions of FASB ASC 740, Income Taxes, which provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statement. Tax positions must meet a “more-likely-than-not” recognition threshold at the effective date to be recognized upon the adoption of ASC 740 and in subsequent periods. As of December 31, 2025 and 2024, the Company maintained uncertain tax position reserves of $20.7 million and $4.8 million, respectively, for its current and prior year federal and state R&D credits given the inherent judgment that is involved in the credit calculation. Of these amounts, $15.6 million would reduce the effective tax rate, if recognized. The interest or penalties related to these uncertain tax positions are immaterial and are recorded as a component of income tax expense.
The following tables present activity related to unrecognized tax benefits as of the dates indicated (in thousands):

Table 13.5. Summary of Uncertain Tax Positions Activities
December 31, 2025December 31, 2024
Beginning balance$4,823 $2,158 
Increase related to tax positions taken during current year15,242 1,511 
Decrease related to tax positions taken during prior year618 1,154 
Ending balance$20,683 $4,823 
Management believes that it has sufficient accrued liabilities as of December 31, 2025 for uncertain tax position exposures and related interest expense.
The Company is subject to U.S. income taxes in federal and various state jurisdictions. The years open for audit for federal and state are 2021 through 2025. As of December 31, 2025, the Company was under examination in Missouri for tax year 2021 through 2023. The Missouri income tax examination was concluded in January 2026 with no material adjustments. There are no other open income tax examinations as of December 31, 2025. The Company is also subject to income taxes in Bermuda, Canada, France, Ireland, the United Kingdom, Singapore, Taiwan, Japan, the United Arab Emirates and Hong Kong. The earliest year open for audit for the Company’s foreign jurisdictions is 2018.
Global Intangible Low-Taxed Income (“GILTI”)
The Tax Cuts and Jobs Act enacted in December 2017 introduced comprehensive tax reform, including a new tax on GILTI provisions under Section 951A of the Internal Revenue Code. These provisions require the Company to include in its U.S. taxable income the GILTI of its controlled foreign corporations.
The Company has made an accounting policy election to treat GILTI as a period cost. Under this policy, the Company recognizes the tax expense related to GILTI in the year in which the tax is incurred. As a result, the Company does not record deferred tax assets or liabilities for temporary differences that are expected to reverse as GILTI in future years.
For the years ended December 31, 2025, 2024 and 2023, the Company’s GILTI tax expense made up an immaterial component of its total income tax provision.
Global Minimum Tax (Pillar Two) Legislation
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Company operates and is effective prospectively for the Company beginning on January 1, 2025. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and financial statements for the constituent entities in the Company. Based on this assessment, it is expected that the transitional safe harbor rules will apply in countries that the Company currently operates. The Company does not expect that Pillar Two will have a material impact for the Company for the year ending December 31, 2025.
One Big Beautiful Bill Act (“OBBBA”)
In July 2025, President Trump signed into law the OBBBA. The OBBBA includes significant changes to U.S. tax law, including making permanent certain provisions originally enacted under the Tax Cuts and Jobs Act, such as 100% bonus depreciation, the immediate expensing of domestic research and development costs, and limitations on the deductibility of business interest expense. The enactment of the OBBBA resulted in an income tax benefit recognized during the third quarter of 2025, primarily related to the immediate expensing of domestic research and development costs; however, for the year ended December 31, 2025, the enactment did not have a material impact on the Company’s full-year income tax provision.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
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 matures 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.
In September 2024, certain holders of the Company’s note converted their principal balance of $8.3 million into approximately 524 thousand shares of Series E preferred stock at a conversion rate of $16.23 per share. The fair value of the convertible notes as of the conversion date was $15.0 million, of which $8.5 million was converted to Series E preferred Stock and $6.5 million or $4.7 million after tax, was recorded to additional paid-in capital.
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.
The Company has elected the fair value option for recording its convertible notes on the Consolidated Balance Sheets, which are recorded at a net discount on acquisition date. The fair value of outstanding convertible notes was $36.8 million and $40.7 million as of December 31, 2025 and December 31, 2024, respectively, and are reflected as Convertible debt, net of debt discount on the Consolidated Balance Sheets. The debt discount is amortized and included in Other income (expense), net in the Consolidated Statements of Operations. The change in fair value of the convertible notes is included in Other income (expense), net in the Consolidated Statements of Operations.
v3.25.4
Stockholders' equity
 12 Months Ended
Dec. 31, 2025
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 December 31, 2025.
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.
As of December 31, 2025 and December 31, 2024, the Company has the following number of common shares reserved (in thousands):
Table 15.1. Details of Common Shares Reserved
December 31, 2025December 31, 2024
Conversion of Series A redeemable convertible preferred stock —33,621
Conversion of Series B redeemable convertible preferred stock —17,586
Conversion of Series C redeemable convertible preferred stock —18,445
Conversion of Series D redeemable convertible preferred stock —23,203
Conversion of Series E redeemable convertible preferred stock —37,391
Conversion of Series F redeemable convertible preferred stock —9,516
Common stock issuable in connection with business combinations1,744548
Common stock issuable under stock award plans
28,16142,694
Common stock available for future issuance under stock award plan
28,2659,649
Common stock available for future issuance under ESPP5,653—
Total $63,823 $192,653 
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 years ended December 31, 2025, 2024 and 2023. As of December 31, 2025, 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 years ended December 31, 2025, 2024 and 2023. As of December 31, 2025, 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 $23.6 million in distribution and transaction costs related to the warrants for the year ended December 31, 2025. No expense was recognized for the year ended December 31, 2024. As of December 31, 2025, 0.9 million of these warrants have vested, and the counterparty elected to exercise 0.3 million of the warrants in February 2026 resulting in the net issuance of approximately 0.2 million shares of Class A common stock. As of December 31, 2025, 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 November 2025, the Company re-issued 268,239 shares of Treasury stock reserved for the benefit of the Circle Foundation, following the expiration of the Company’s lock-up. As a result of this equity contribution, the Company recorded a charge of $23.1 million to General and administrative expenses within the Consolidated Statements of Operations for the year ended December 31, 2025
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 as of December 31, 2025.
Following is a presentation of the key characteristics and shares for each class of the Company’s preferred stock as of December 31, 2024.
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 37,391
Series F5/9/2022$42.14 $42.14 $42.14 9,516
v3.25.4
Redeemable convertible preferred stock
 12 Months Ended
Dec. 31, 2025
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 December 31, 2025.
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.
As of December 31, 2025 and December 31, 2024, the Company has the following number of common shares reserved (in thousands):
Table 15.1. Details of Common Shares Reserved
December 31, 2025December 31, 2024
Conversion of Series A redeemable convertible preferred stock —33,621
Conversion of Series B redeemable convertible preferred stock —17,586
Conversion of Series C redeemable convertible preferred stock —18,445
Conversion of Series D redeemable convertible preferred stock —23,203
Conversion of Series E redeemable convertible preferred stock —37,391
Conversion of Series F redeemable convertible preferred stock —9,516
Common stock issuable in connection with business combinations1,744548
Common stock issuable under stock award plans
28,16142,694
Common stock available for future issuance under stock award plan
28,2659,649
Common stock available for future issuance under ESPP5,653—
Total $63,823 $192,653 
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 years ended December 31, 2025, 2024 and 2023. As of December 31, 2025, 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 years ended December 31, 2025, 2024 and 2023. As of December 31, 2025, 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 $23.6 million in distribution and transaction costs related to the warrants for the year ended December 31, 2025. No expense was recognized for the year ended December 31, 2024. As of December 31, 2025, 0.9 million of these warrants have vested, and the counterparty elected to exercise 0.3 million of the warrants in February 2026 resulting in the net issuance of approximately 0.2 million shares of Class A common stock. As of December 31, 2025, 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 November 2025, the Company re-issued 268,239 shares of Treasury stock reserved for the benefit of the Circle Foundation, following the expiration of the Company’s lock-up. As a result of this equity contribution, the Company recorded a charge of $23.1 million to General and administrative expenses within the Consolidated Statements of Operations for the year ended December 31, 2025
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 as of December 31, 2025.
Following is a presentation of the key characteristics and shares for each class of the Company’s preferred stock as of December 31, 2024.
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 37,391
Series F5/9/2022$42.14 $42.14 $42.14 9,516
v3.25.4
Stock-based compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based compensation
17. Stock-based compensation
Stock-based compensation expense was $566.2 million, $50.1 million and $108.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. The capitalized stock-based compensation expense related to internally developed software was $86.9 million, $13.6 million and $13.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Stock options
Granted stock options generally have 10 years terms and have vesting periods ranging from 12 months to 48 months.
The weighted average assumptions utilized in the valuation of options granted are presented as below:

Table 17.1. Stock Options Valuation Assumptions
Year ended December 31,
2025
Risk-free interest rate3.80 %
Expected term (years)6.1
Expected volatility
60.01 %
Expected annual dividend
— 
A summary of outstanding stock options activities for the years ended December 31, 2025 and 2024 is presented as below:
Table 17.2. 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, 202422,751$8.48 5.5$522,900 
Options granted 103 131.98 
Options exercised (9,310)5.56 
Options forfeited(94)20.50 
Balance as of December 31, 202513,45011.36 4.2$919,115 
Exercisable at December 31, 202512,719$9.63 4.0$886,543 
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, 202324,453$8.26 6.5$488,807 
Options exercised (1,221)1.32 
Options forfeited(481)15.34 
Balance as of December 31, 202422,7518.48 5.5$522,900 
Exercisable at December 31, 202420,636$6.91 5.3$505,237 
The intrinsic value is calculated as the difference between the exercise price of the underlying stock option award and the estimated fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised was $695.4 million and $29.1 million for the years ended December 31, 2025 and 2024, respectively. The weighted-average grant date fair value of options granted was $78.01 per share for the year ended December 31, 2025.
As of December 31, 2025, unrecognized stock-based compensation cost related to outstanding unvested stock options that are expected to vest was $13.6 million, which is expected to be recognized over a weighted-average period of 2.6 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. As the performance condition related to these awards was met upon the commencement of trading of the Company’s Class A common stock on the NYSE, the Company recognized stock-based compensation expense of $423.8 million, net of $62.7 million of capitalized costs related to internally developed software, associated with the vesting of RSUs for which the service-based condition have also been met. 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 years ended December 31, 2025 and 2024 is as follows:
Table 17.3. Summary of Restricted Stock Units Activities
Number of
Shares (in thousands)		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 202419,943 $30.85 
RSUs granted 8,066 $41.04 
RSUs vested(12,190)$32.61 
RSUs forfeited (1,108)$15.88 
Balance as of December 31, 202514,711$35.16 
Number of
Shares (in thousands)		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 202310,900 $34.96 
RSUs granted 10,927 $27.08 
RSUs vested(3)$27.81 
RSUs forfeited (1,881)$32.77 
Balance as of December 31, 202419,943$30.85 
As of December 31, 2025, unrecognized stock-based compensation cost related to outstanding unvested RSUs that are expected to vest was $291.4 million, which is expected to be recognized over a weighted-average period of 3.1 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 17.4. Summary of Shares Issued for Business Combinations Activities
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 vested
(271)$47.82 
Shares forfeited
(6)$47.82 
Balance as of December 31, 20251,744$33.75 
Number of
Shares (in thousands)		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 20232,036 $47.82 
Shares vested
(1,445)$47.82 
Shares forfeited
(43)$47.82 
Balance as of December 31, 2024548$47.82 
For the year ended December 31, 2025, post-combination stock-based compensation cost included in the stock-based compensation expense was $26.4 million. As of December 31, 2025, unrecognized stock-based compensation cost related to outstanding unvested shares and warrants issued for business combinations that are expected to vest was $36.9 million, which is expected to be recognized over a weighted-average period of 1.9 years.
v3.25.4
Earnings (loss) per share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings (loss) per share
18. Earnings (loss) per share
The computation of earnings (loss) per share is as follows (in thousands, except per share amounts):
v3.25.4
Accumulated other comprehensive income
 12 Months Ended
Dec. 31, 2025
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
Year Ended December 31,
202520242023
Accumulated other comprehensive income
Beginning balance$3,644 $4,929 $3,356 
Pre-tax change – Foreign currency translation adjustment 10,904 (1,899)1,460 
Pre-tax change – Unrealized (loss) gain on convertible notes – credit risk adjustment
(71)1,095 1,182 
Pre-tax change – Unrealized gain (loss) on available-for-sale securities— (226)(1,069)
Tax effect22 (255)— 
Total accumulated other comprehensive income including noncontrolling interest, net of tax14,499 3,644 4,929 
Pre tax change - Foreign currency translation adjustment attributable to noncontrolling interest16 — — 
Total accumulated other comprehensive income attributable to common stockholders, net of tax$14,515 $3,644 $4,929 
v3.25.4
Prepaid expenses and other current assets
 12 Months Ended
Dec. 31, 2025
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 includes the following (in thousands):
Table 20.1 Details of Prepaid Expenses and Other Current Assets
December 31, 2025December 31, 2024
Reserve income receivable$219,221 $138,889 
Prepaid expenses 24,243 15,602 
Deferred offering costs— 4,235 
Digital financial assets
542 14,328 
Income tax receivable 65,060 8,507 
Other12,594 5,967 
Total prepaid expenses and other current assets$321,660 $187,528 
v3.25.4
Accounts payable and accrued expenses
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accounts payable and accrued expenses
21. Accounts payable and accrued expenses
Accounts payable and accrued expenses includes the following (in thousands):
Table 21.1 Details of Accounts Payable and Accrued Expenses
December 31, 2025December 31, 2024
Accrued distribution costs$119,038 $83,318 
Stablecoin redemptions in transit
80,593 118,074 
Accrued expenses 114,272 70,314 
Accounts payable
24,733 5,505 
Income taxes payable 1,632 678 
Other payables20,341 9,118 
Total accounts payable and accrued expenses $360,609 $287,007 
v3.25.4
Commitments and contingencies
 12 Months Ended
Dec. 31, 2025
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 Consolidated Financial Statements.
In February 2018, one of our indirect wholly-owned subsidiaries acquired Poloniex, LLC (“Poloniex”), which owned and operated the Poloniex digital asset trading platform. In April 2018, the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) served Poloniex with an administrative subpoena and a second administrative subpoena in September 2019 requesting documents and information regarding accounts opened and/or closed on the Poloniex digital asset trading platform by persons potentially located in Iran, Cuba, Syria, North Korea, Crimea, and Sudan. In April 2023, Poloniex executed a settlement agreement with OFAC regarding its investigation and paid OFAC a settlement fee of $7.6 million in May 2023.
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.
v3.25.4
Summarized financial information of Circle Reserve Fund and Hashnote International Short Duration Yield Fund Ltd. (SDYF)
 12 Months Ended
Dec. 31, 2025
Investment Company [Abstract]  
Summarized financial information of Circle Reserve Fund and Hashnote International Short Duration Yield Fund Ltd. (SDYF)
23. Summarized financial information of Circle Reserve Fund and Hashnote International Short Duration Yield Fund Ltd. (SDYF)
Circle Reserve Fund
Circle Reserve Fund has an April 30 fiscal year-end and prepares its financial statements on a semi-annual basis. Financial information of the Circle Reserve Fund is summarized as follows (in thousands):
23.1. Circle Reserve Fund: Selected Assets and Liabilities Information

2025 (1)
2024 (2)
Total assets
$69,170,578 $30,567,886 
Total liabilities
$3,104,864 $129,015 
23.2. Circle Reserve Fund: Selected Income Statement Information

2025 (1)
2024 (2)
2023 (3)
Total investment income
$2,228,169 $1,460,787 $1,173,135 
Net increase in net assets resulting from operations
$2,183,991 $1,437,053 $1,151,901 
(1) Summarized financial information is as of October 31, 2025 and for the fiscal year then ended.
(2) Summarized financial information is as of October 31, 2024 and for the fiscal year then ended.
(3) Summarized financial information is as of October 31, 2023 and for the period from November 3, 2022 through October 31,
2023. Circle Reserve Fund commenced operations on November 3, 2022.

SDYF
The Company holds an insignificant equity interest in SDYF but, as fund manager, has the ability to exercise significant influence. SDYF has a December 31 fiscal year-end. Financial information for SDYF in its entirety is summarized as follows (in thousands):
23.3. SDYF: Selected Assets and Liabilities Information
2025 (1)
Total assets$1,537,818 
Total liabilities$— 
23.4. SDYF: Selected Income Statement Information
2025 (1)
Total investment income$30,648 
Net increase in net assets resulting from operations$27,581 
(1) Summarized financial information is as of December 31, 2025 and for the year then ended. The Company acquired Hashnote Holdings LLC and its affiliates, including the fund manager of SDYF, on January 21, 2025.
v3.25.4
Subsequent events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent events
24. Subsequent events
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.
v3.25.4
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2025
shares
Dec. 31, 2025
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Michele Burns [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On December 9, 2025, Michele Burns adopted a trading plan intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Ms. Burns’s plan is for the sale of up to 50,000 shares of Class A common stock through August 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 August 31, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements.
Name Michele Burns  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 9, 2025  
Expiration Date August 31, 2026  
Arrangement Duration 265 days  
Aggregate Available 50,000 50,000
Rajeev Date [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement
On December 9, 2025, Rajeev Date, our Lead Independent Director, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Date’s plan is for the sale of up to 45,833 shares of Class A common stock (including shares issuable upon exercise of outstanding stock options) through March 5, 2027. 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 March 5, 2027. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements.
  
Name Rajeev Date  
Title Lead Independent Director  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 9, 2025  
Expiration Date March 5, 2027  
Arrangement Duration 451 days  
Aggregate Available 45,833 45,833
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cybersecurity is an integral part of our enterprise risk management framework. As a global technology and financial services company operating internet and blockchain-native platforms, we face evolving cybersecurity threats that could impact the confidentiality, integrity, and availability of our systems and data. We have implemented a comprehensive information security program designed to identify, assess, and manage cybersecurity risks, protect critical systems and customer information, detect and respond to cybersecurity incidents, and support timely recovery. Our cybersecurity program is informed by the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework and is designed to adapt to changes in our business, technology environment, and threat landscape.
Our cybersecurity risk management processes include enterprise-wide risk assessments, threat intelligence, vulnerability management, third-party risk management, and business continuity and disaster recovery planning. We maintain policies, standards, and procedures addressing areas such as access controls, data protection, incident response, system monitoring, and vendor security. We also conduct ongoing employee training and awareness programs and perform regular testing of our controls through internal reviews, independent audits, and third-party assessments. Cybersecurity incidents are evaluated based on severity and potential impact, escalated as appropriate, and addressed through established incident response and remediation processes.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Cybersecurity is an integral part of our enterprise risk management framework. As a global technology and financial services company operating internet and blockchain-native platforms, we face evolving cybersecurity threats that could impact the confidentiality, integrity, and availability of our systems and data. We have implemented a comprehensive information security program designed to identify, assess, and manage cybersecurity risks, protect critical systems and customer information, detect and respond to cybersecurity incidents, and support timely recovery. Our cybersecurity program is informed by the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework and is designed to adapt to changes in our business, technology environment, and threat landscape.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Governance and oversight of cybersecurity risk are provided at both the management and board levels. Our cybersecurity program is led by our Chief Security Officer (“CSO”), who is supported by a dedicated cybersecurity organization and works closely with our risk management, compliance, and legal teams. Management-level risk committees regularly review cybersecurity risks, incidents, and program enhancements, and material cybersecurity matters are reported to executive management and the Board of Directors, including through the Board’s Audit and Risk Committees.
To date, we have not experienced a cybersecurity incident that has materially affected, or is reasonably likely to materially affect, our business strategy, results of operations, or financial condition. However, we recognize that cybersecurity threats are pervasive and continue to invest in and enhance our cybersecurity capabilities to mitigate these risks.
While all of our employees play a part in information security, cybersecurity, and data privacy, oversight responsibility is shared by the Board, its committees, and management, as further highlighted below.
Responsible PartyOversight Area for Cybersecurity and Privacy Matters
Board of DirectorsProvides ultimate oversight of cybersecurity risk as part of enterprise risk management; receives regular updates on cybersecurity risks, incidents, and program effectiveness; oversees management’s approach to identifying, assessing, and mitigating cybersecurity risks aligned with the NIST Cybersecurity Framework.
Audit CommitteeOversees cybersecurity risks related to financial reporting, internal controls, and audit processes; receives updates on cybersecurity controls, monitoring, and testing, including findings from internal audit, external audits, and third-party assessments; reviews cybersecurity matters that could impact financial reporting or disclosure obligations.
Risk CommitteeOversees cybersecurity as a component of the enterprise risk management framework; monitors cybersecurity risk exposure, risk appetite, and mitigation strategies; reviews emerging threats, significant incidents, and management’s remediation efforts through regular reporting from management and internal risk committees.
Disclosure CommitteeOversees the identification and escalation of cybersecurity risks and incidents that may be relevant to public disclosures; evaluates, in coordination with management, whether cybersecurity matters require disclosure in periodic reports or other filings; helps ensure cybersecurity disclosures are accurate, consistent, and timely.
Management (including CSO)
Responsible for day-to-day operation of the cybersecurity program; establishes and maintains policies, standards, and procedures aligned with NIST; conducts risk assessments, threat intelligence, and third-party risk management; oversees incident detection, response, and recovery; reports cybersecurity risks, incidents, and program enhancements to senior management, the Board, and its committees through established governance and escalation processes.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Governance and oversight of cybersecurity risk are provided at both the management and board levels.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Management-level risk committees regularly review cybersecurity risks, incidents, and program enhancements, and material cybersecurity matters are reported to executive management and the Board of Directors, including through the Board’s Audit and Risk Committees.
Cybersecurity Risk Role of Management [Text Block]
While all of our employees play a part in information security, cybersecurity, and data privacy, oversight responsibility is shared by the Board, its committees, and management, as further highlighted below.
Responsible PartyOversight Area for Cybersecurity and Privacy Matters
Board of DirectorsProvides ultimate oversight of cybersecurity risk as part of enterprise risk management; receives regular updates on cybersecurity risks, incidents, and program effectiveness; oversees management’s approach to identifying, assessing, and mitigating cybersecurity risks aligned with the NIST Cybersecurity Framework.
Audit CommitteeOversees cybersecurity risks related to financial reporting, internal controls, and audit processes; receives updates on cybersecurity controls, monitoring, and testing, including findings from internal audit, external audits, and third-party assessments; reviews cybersecurity matters that could impact financial reporting or disclosure obligations.
Risk CommitteeOversees cybersecurity as a component of the enterprise risk management framework; monitors cybersecurity risk exposure, risk appetite, and mitigation strategies; reviews emerging threats, significant incidents, and management’s remediation efforts through regular reporting from management and internal risk committees.
Disclosure CommitteeOversees the identification and escalation of cybersecurity risks and incidents that may be relevant to public disclosures; evaluates, in coordination with management, whether cybersecurity matters require disclosure in periodic reports or other filings; helps ensure cybersecurity disclosures are accurate, consistent, and timely.
Management (including CSO)
Responsible for day-to-day operation of the cybersecurity program; establishes and maintains policies, standards, and procedures aligned with NIST; conducts risk assessments, threat intelligence, and third-party risk management; oversees incident detection, response, and recovery; reports cybersecurity risks, incidents, and program enhancements to senior management, the Board, and its committees through established governance and escalation processes.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
While all of our employees play a part in information security, cybersecurity, and data privacy, oversight responsibility is shared by the Board, its committees, and management, as further highlighted below.
Responsible PartyOversight Area for Cybersecurity and Privacy Matters
Board of DirectorsProvides ultimate oversight of cybersecurity risk as part of enterprise risk management; receives regular updates on cybersecurity risks, incidents, and program effectiveness; oversees management’s approach to identifying, assessing, and mitigating cybersecurity risks aligned with the NIST Cybersecurity Framework.
Audit CommitteeOversees cybersecurity risks related to financial reporting, internal controls, and audit processes; receives updates on cybersecurity controls, monitoring, and testing, including findings from internal audit, external audits, and third-party assessments; reviews cybersecurity matters that could impact financial reporting or disclosure obligations.
Risk CommitteeOversees cybersecurity as a component of the enterprise risk management framework; monitors cybersecurity risk exposure, risk appetite, and mitigation strategies; reviews emerging threats, significant incidents, and management’s remediation efforts through regular reporting from management and internal risk committees.
Disclosure CommitteeOversees the identification and escalation of cybersecurity risks and incidents that may be relevant to public disclosures; evaluates, in coordination with management, whether cybersecurity matters require disclosure in periodic reports or other filings; helps ensure cybersecurity disclosures are accurate, consistent, and timely.
Management (including CSO)
Responsible for day-to-day operation of the cybersecurity program; establishes and maintains policies, standards, and procedures aligned with NIST; conducts risk assessments, threat intelligence, and third-party risk management; oversees incident detection, response, and recovery; reports cybersecurity risks, incidents, and program enhancements to senior management, the Board, and its committees through established governance and escalation processes.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Management-level risk committees regularly review cybersecurity risks, incidents, and program enhancements, and material cybersecurity matters are reported to executive management and the Board of Directors, including through the Board’s Audit and Risk Committees.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our cybersecurity risk management processes include enterprise-wide risk assessments, threat intelligence, vulnerability management, third-party risk management, and business continuity and disaster recovery planning. We maintain policies, standards, and procedures addressing areas such as access controls, data protection, incident response, system monitoring, and vendor security. We also conduct ongoing employee training and awareness programs and perform regular testing of our controls through internal reviews, independent audits, and third-party assessments. Cybersecurity incidents are evaluated based on severity and potential impact, escalated as appropriate, and addressed through established incident response and remediation processes.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of significant accounting policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation
Basis of Presentation and Principles of Consolidation
The accompanying 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”). 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 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 Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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.
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.
Restricted Cash
Restricted Cash
Restricted cash is primarily related to amounts held at financial institutions related to the Company’s banking collateral requirements. Restricted cash is restricted from withdrawal due to contractual or regulatory banking requirements or not available for general use and as such is classified as restricted on the Consolidated Balance Sheets.
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 December 31, 2025 and December 31, 2024, balances held in the Fund included in Cash and cash equivalents segregated for the benefit of stablecoin holders were $66.3 billion and $37.5 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 Consolidated Balance Sheets and dividend income is included in Reserve income in the Consolidated Statements of Operations.
Investments
Investments
Strategic investments
The Company has strategic investments in equity securities without a readily determinable fair value where the Company (1) holds less than 20% ownership in the entity and (2) does not exercise significant influence. The Company has elected to use the measurement alternative for its equity investments without a readily determinable fair value, pursuant to which these investments are recognized at cost, less impairment, if any, and are remeasured through earnings when there is an observable price change in orderly transactions involving the same or similar investment in the same issuer. The Company recognizes impairment losses on strategic investments in Other income (expense), net in the Consolidated Statements of Operations.
Investment in marketable equity securities
Marketable equity securities are recorded at fair value using quoted market prices reported on recognized securities exchanges. Any change in unrealized holding gains or losses on equity securities are included in Other income (expense), net in the Consolidated Statements of Operations.
Fair Value Measurements
Fair Value Measurements
The Company utilizes a fair value hierarchy that prioritizes and ranks the level of observability of inputs used to measure certain assets and liabilities at fair value. The observability of inputs is impacted by a number of factors, including the type of investment, characteristics specific to the investment, market conditions and other factors.
Assets and liabilities with readily available quoted prices or for which fair value can be measured from quoted prices in active markets will typically have a higher degree of input observability and a lesser degree of judgment applied in determining fair value. The three levels of the fair value hierarchy are as follows:
Level 1:    Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used.    
Level 2:    Pricing inputs are other than quoted prices included within Level 1 that are observable for the investment, either directly or indirectly. Level 2 pricing inputs include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, inputs other than quoted prices that are observable for the investment, and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3:    Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation.
Accounts Receivable and Allowance for Credit Losses
Accounts Receivable and Allowance for Credit Losses
Accounts receivable are contractual rights to receive cash or digital assets either on demand or at fixed or determinable dates and are recognized as assets on the Company’s balance sheet when earned. Accounts receivable consists of customer funds receivable and other receivables.
Accounts receivable are presented net of an allowance for credit losses, which is an estimate of amounts that may not be collectible. The Company performs ongoing evaluations of its accounts receivable and, if necessary, provides an allowance for current expected credit losses. The Company writes off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues collection of the receivable.
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.
Effective January 1, 2024, upon the adoption of Accounting Standards Update No. 2023-08, Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), digital assets are measured at fair value. 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 Consolidated Statements of Operations. Changes in fair value of digital assets held as investments are recognized in Other income (expense), net. 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.
Prior to January 1, 2024, digital assets were accounted for as intangible assets with indefinite useful lives. The Company initially measured digital assets at cost and tested digital assets for impairment by comparing the digital asset’s fair value to its carrying value and recognized an impairment loss whenever the carrying value exceeded quoted market prices of the respective digital asset during the period. Company owned digital assets and digital assets held as collateral were reflected within Digital Assets on the Consolidated Balance Sheets. Impairment losses were reflected within Digital assets losses (gains) in the Consolidated Statements of Operations.
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 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 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 Consolidated Statements of Cash Flows in the same manner as if such payments were settled in cash.
As of December 31, 2025 and December 31, 2024, 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.
Derivative Contracts, including Embedded Derivatives
Derivative Contracts, including Embedded Derivatives
Derivative instruments are financial instruments or other contracts that derive their value from one or more underlying variables. Derivative contracts are recognized as either assets or liabilities on the Consolidated Balance Sheets at fair value, with changes in fair value recognized in Other income (expense), net or Digital assets losses (gains) in the Consolidated Statements of Operations.
The Company has entered into certain contracts resulting in the right to receive or obligation to deliver certain digital assets in the future. These contracts are accounted for as derivatives in their entirety or as hybrid instruments containing a debt-like host contract and an embedded derivative that is bifurcated from the host contract. The derivative or embedded derivative is subsequently measured at fair value.
Goodwill, Intangible Assets and Other Long-lived Assets
Intangible Assets, net
Intangible assets with definite lives are amortized on a straight-line basis over their estimated useful lives. The Company’s finite-lived intangible assets are reviewed for impairment at least annually, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, and intangibles are also evaluated periodically to determine their remaining useful lives.
Internally developed software
Internally developed software represents direct costs incurred to develop software for internal use and are capitalized and amortized over an estimated useful life of two years. Unamortized internally developed software development costs are included in Intangible assets, net on the Consolidated Balance Sheets.
Acquired intangible assets
The Company reviews the carrying amount of its long-lived assets, including intangible assets with finite lives, at least annually, or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Unamortized acquired intangible assets are included in Intangible assets, net on the Consolidated Balance Sheets. Indefinite-lived acquired intangible assets, which include intellectual property rights, are not amortized. As a result, these assets are tested for impairment through qualitative and quantitative assessments at least annually in the fourth quarter and whenever events or circumstances occur indicating that indefinite-lived intangible assets might be impaired. We test our indefinite-lived intangible assets by comparing the fair values with the carrying values and recognize a loss for the difference.
There were no impairments recorded for intangible assets for the years ended December 31, 2025, 2024 and 2023.
Goodwill, Intangible Assets and Other Long-lived Assets
The Company performs a qualitative assessment on goodwill at least annually, during the fourth quarter, or more frequently if indicators of potential impairment exist, to determine if any events or circumstances exist, such as an adverse change in business climate or a decline in the overall industry that would indicate that it would more likely than not reduce the fair value of a reporting unit below its carrying amount. If it is determined in the qualitative assessment that the fair value of a reporting unit is more likely than not below its carrying amount, then the Company will perform a quantitative impairment test. The quantitative goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. Any excess in the carrying amount of a reporting unit’s goodwill over its fair value is recognized as an impairment loss, limited to the total amount of goodwill allocated to that reporting unit. For purposes of goodwill impairment testing for the years ended December 31, 2025, 2024 and 2023, the Company had one reporting unit.
Acquisition-related intangible assets with finite lives are amortized over their estimated useful lives. The Company evaluates long-lived assets, including property, equipment and leasehold improvements and other intangible assets subject to amortization, for recoverability whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable based on expected future cash flows attributable to that asset or asset group. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds estimated undiscounted future cash flows, then an impairment charge would be recognized based on the excess of the carrying amount of the asset or asset group over its fair value. Assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell.
In 2025, the Company changed its annual goodwill and indefinite-lived intangible assets impairment testing date from December 31 to October 1. This change in accounting principle is preferable because it allows for the timely completion of the impairment test prior to the commencement of annual financial reporting processes. The change in date does not delay or accelerate an impairment charge.
There were no impairment charges recognized related to goodwill, intangible assets, or other long-lived assets during the years ended December 31, 2025, 2024 and 2023.
Revenue Recognition
Revenue Recognition
The Company determines revenue recognition from contracts with customers through the following steps:
•identification of the contract, or contracts, with the customer,
•identification of the performance obligations in the contract,
•determination of the transaction price,
•allocation of the transaction price to the performance obligations in the contract, and
•recognition of the revenue when, or as, the Company satisfies a performance obligation.
Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by transferring promised goods or services to customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services.
The Company recognizes revenue from contracts with customers as it satisfies its obligation to customers. Services include Subscription, Transaction and Other revenue. Reserve income, Treasury services income relating to Circle stablecoin lending services and Other interest income are not contracts with customers. See Note 11 — Revenue Recognition for further detail.
Distribution Arrangements
Distribution Arrangements
The Company has entered into distribution arrangements and incentive agreements with digital asset exchanges, market makers, blockchain foundations, and other stablecoin liquidity providers. With respect to one of our main distribution agreements, prior to August 2023, a portion of the reserve income earned on fiat denominated assets held in reserve accounts was paid to a digital asset exchange based on (i) the amount of USDC distributed by each respective party and (ii) the amount of USDC held on each respective party’s platform (e.g., held in its customers’ accounts) in relation to the total amount of USDC in circulation. Subsequent to August 2023, the Company makes payments to this digital asset exchange based on the amount of USDC held on each respective party's platform and based on the amount of USDC in circulation held outside of each respective party's platform. The Company accounts for these agreements as executory contracts and accrues amounts payable as reserve income is earned and the amounts to be allocated are determinable. The costs associated with these are recognized in Distribution and transaction costs in the Consolidated Statements of Operations.
Marketing, General and Administrative Expenses
Marketing Expenses
The Company expenses the cost of producing advertisements at the time production occurs and expenses the cost of communicating advertisements in the period during which the advertising space or airtime is used as sales and marketing expense. Online advertising expenses are recognized based on the terms of the individual agreements, which are generally over the greater of the ratio of the number of impressions delivered over the total number of contracted impressions, on a pay-per-click basis, or on a straight-line basis over the term of the contract.
The Company expenses the costs of marketing with various partners in the digital asset ecosystem over the term of the individual agreement. Marketing expenses are expensed as incurred and presented as a component of Operating Expenses in the Consolidated Statements of Operations.
General and Administrative Expenses
General and administrative expenses include costs incurred to support the Company’s business, including professional services fees paid for legal, accounting and consulting services, rent, employee meals and entertainment, travel expenses, credit losses, insurance, training and education, compliance, contributions and donations, including contributions to the Circle Foundation, and other administrative services. General and administrative costs are expensed as incurred or, in the case of charitable contributions in the period the contribution is made. General and administrative expenses are presented as a component of Operating Expenses in the Consolidated Statements of Operations.
Income Taxes
Income Taxes
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of the enactment date. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized.
The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.
For U.S. Federal tax purposes, digital asset transactions are treated on the same tax principles as property transactions. The Company recognizes a gain or loss when digital assets are exchanged for other property, in the amount of the difference between the fair market value of the property received and the tax basis of the exchanged digital assets. Receipts of digital assets in exchange for goods or services are included in taxable income at the fair market value on the date of receipt.
Foreign Currency
Foreign Currency
The functional currency for most subsidiaries outside of the United States is the local currency. For purposes of the Company's Consolidated Financial Statements, the assets and liabilities of these subsidiaries are translated to U.S. dollars at exchange rates in effect at the balance sheet date. Revenues, costs and expenses from these entities are translated to U.S. dollars using average daily exchange rates. Gains and losses resulting from these translations are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as Other income (expense), net in the Consolidated Statements of Operations.
Concentration of Credit Risk
Concentration of Credit Risk
The Company’s cash, cash equivalents, restricted cash, accounts receivable and stablecoin receivables and loan receivables are potentially subject to concentration of credit risk. Cash, cash equivalents and restricted cash are placed with financial institutions which are of high credit quality. The Company has corporate and reserve deposit balances with multiple financial institutions that substantially exceed the Federal Deposit Insurance Corporation insurance limit of $250,000 per financial institution.
Related Party Transactions
Related Party Transactions
During the year ended December 31, 2025, we employed the adult child of our co-founder and non-executive director, P. Sean Neville. This individual, who is employed in a non-executive role, received total compensation in excess of $120,000. This compensation was determined in accordance with the Company practices applicable to similarly situated employees, and Mr. Neville did not participate in decisions regarding the individual’s hiring, compensation, or advancement.
In September 2023, we entered into an agreement with a Director to repurchase up to 240 thousand common shares of the Company to satisfy the Director's tax obligations relating to the exercise of expiring options. The repurchase was at a price of $25.09 per share. The repurchase transaction closed in October 2023, and these treasury shares were subsequently canceled in December 2023.
On November 7, 2022, we entered into an agreement to invest $0.3 million into a startup focused on consumer interaction with the digital economy, in return for equity under a simple agreement for future equity and token warrants. On February 19, 2025, the startup closed a preferred equity financing round, in connection with which our simple agreement for future equity converted into shares of preferred stock in the startup. P. Sean Neville, a member of our board of directors, is the founder and chief executive officer and owns 40% of this company. Additionally, Bradley Horowitz, a current member of our board of directors, is a minority investor in the company, and Anita Sands, a member of our board of directors at the time of our initial investment, is a minority investor in and strategic advisor to this company.
On October 7, 2022, we entered into an agreement to invest $0.3 million in the Series A funding of a startup focused on building an integrated platform that deconstructs loan documents into digital data. Jeremy Fox-Geen, one of our executive officers, is the domestic partner to the founder and chief executive officer of this company.
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 fifteen percent 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 lower 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 Consolidated Statements of Operations.
The Company estimates the fair value of stock options 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 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 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 is based on the average period the stock option is expected to remain outstanding based on the stock option’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.
Common Stock Valuation
Common Stock Valuation
Prior to the IPO, the valuations of our common stock were determined in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. In the absence of an active market, our board of directors, with input from management, exercised significant judgment and considered numerous objective and subjective factors to determine the fair value of our common stock as of the date of each option grant, including the following factors:
•the results of contemporaneous valuations performed at periodic intervals by an independent valuation firm;
•the prices, rights, preferences, and privileges of our convertible preferred stock relative to those of our common stock;
•the prices of our convertible preferred stock and common stock sold to investors in arms-length transactions or offered to investors through a tender offer;
•our actual operating and financial performance and estimated trends and prospects for our future performance;
•our stage of development;
•the likelihood of achieving a liquidity event, such as an initial public offering, direct listing, or sale of our company, given prevailing market conditions;
•the lack of marketability involving securities in a private company;
•the market performance of comparable publicly-traded companies; and
•U.S. and global capital market conditions.
In valuing our common stock, we utilized a probability weighted expected return method, or PWERM. The PWERM involves the estimation of the value of our company under multiple future potential outcomes for us, and estimates of the probability of each potential outcome. The per share value of our common stock determined using the PWERM is ultimately based upon probability-weighted per share values resulting from the various future scenarios, which include an initial public offering or continued operation as a private company. Additionally, the PWERM was combined with the Option Pricing Model to determine the value of the securities comprising our capital structure in certain of the scenarios considered in the PWERM.
After the equity value is determined and allocated to the various classes of shares, a discount for lack of marketability, is applied to arrive at the fair value of the common stock to account for the lack of marketability of a stock that is not traded on public exchanges.
After the IPO, the Company uses the publicly quoted market closing price as reported on the New York Stock Exchange as the fair value of its common stock.
Business Combinations
Business Combinations
The Company accounts for business combinations using the acquisition method of accounting. This method requires that the purchase price of the acquisition be allocated to the assets acquired and liabilities assumed using the fair values as of the acquisition date. The excess of the purchase price over the amounts allocated to assets acquired and liabilities assumed is recorded as goodwill.
We use our best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed as of the acquisition date. Our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill to the extent we identify adjustments to the preliminary purchase price allocation. Upon the conclusion of the measurement period or final determination of the fair values of the assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in our Consolidated Statements of Operations. Our Consolidated Financial Statements include the results of operations from the date of acquisition for each business combination.
Earnings (Loss) Per Share Attributable to Common Stockholders
Earnings (Loss) Per Share Attributable to Common Stockholders
The Company computes earnings (loss) per share using the two-class method required for participating securities. The two-class method requires that income from continuing operations shall be reduced by the amounts of dividends declared in the period for each class of stock and any contractual dividends that must be paid; and, if applicable, any deemed dividends. The Company’s convertible preferred stock issued were considered to be participating securities prior to the conversion in connection with the IPO. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses.
Basic earnings (loss) per share is calculated by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. Options, warrants, unvested share-based payment awards and convertible securities are excluded from the basic earnings (loss) per share calculation. Contingently issuable shares are included in basic earnings (loss) per share only if all the necessary conditions for the issuance of such shares have been satisfied by the end of the period. Diluted earnings (loss) per share is computed by dividing income available to common stockholders, adjusted for the effects of the presumed issuance of potential common shares, by the number of weighted average common shares outstanding, plus potentially issuable shares, such as those that result from the conversion of a convertible instrument, exercise of a warrant, or vesting of an award.
Segment Reporting
Segment Reporting
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (the “CODM”). The Company's CODM is the Chief Executive Officer. The CODM reviews net income and expenses presented on a consolidated basis consistent with the presentation of the Consolidated Statements of Operations for purposes of making operating decisions, allocating resources, and evaluating financial performance. The significant segment expenses are consistent with the expenses presented on the Consolidated Statements of Operations. The CODM does not review segment assets at a level or category other than what is reported on the Consolidated Balance Sheets. As a result, the Company in its entirety, and on a consolidated basis, is a single reportable segment. The accounting policies of the Company’s single reportable segment are the same as those described in this Note 2. Refer to Note 1 for a description of the segment’s business and Note 11 for revenues by product and service.
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 will only impact annual disclosures.
In December 2023, the FASB issued ASU 2023-08 to improve the accounting for, and disclosure of, certain crypto assets. ASU 2023-08 requires an entity to measure those crypto assets at fair value each reporting period with changes in fair value recognized in net income. The amendments also improve the information provided to investors about an entity’s crypto asset holdings by requiring disclosure about significant holdings, contractual sale restrictions, and changes during the reporting period. The Company early-adopted ASU 2023-08 beginning January 1, 2024 using a modified retrospective approach. In connection with the adoption, the Company recorded $6.9 million to Digital assets and an associated deferred tax liability of $0.2 million, for a net cumulative effect of $6.7 million recorded to opening accumulated deficit at January 1, 2024.
In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Improvements to Reportable Segments Disclosures (“ASU 2023-07”). ASU 2023-07 requires public entities to provide disclosures of significant segment expenses and other segment items. The standard allows entities to disclose more than one measure of segment's profit or loss if such measures are used by the CODM to allocate resources and assess performance, as long as at least one of those measures is determined in a way that is most consistent with the measurement principles used to measure the corresponding amounts in the Consolidated Financial Statements. The Company adopted ASU 2023-07 retrospectively for its fiscal year ended December 31, 2024, and for interim periods beginning January 1, 2025. The new standard only impacted disclosures.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) (“ASU 2016-13”). The amendments in this and the related ASUs introduce broad changes to accounting for credit impairment of financial instruments. The primary updates include the introduction of a new current expected credit loss (“CECL”) model that is based on expected rather than incurred losses and amendments to the accounting for impairment of held-to-maturity securities and available for sale securities. The Company adopted ASU 2016-13 beginning January 1, 2023 using a modified retrospective approach. In connection with the adoption, the Company recorded $1.0 million of incremental credit losses with a charge to opening retained earnings at January 1, 2023.
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 May 2025, the FASB issued Accounting Standards Update No. 2025-04, Clarifications to Share-Based Consideration Payable to a Customer (“ASU 2025-04”). ASU 2025-04 clarifies guidance on accounting for share-based payments granted to a customer, that are accounted for as a reduction of revenue, by revising the definition of a performance condition to include conditions based on customer purchases and eliminating a policy election to account for forfeitures of customer awards as they occur. The guidance also clarifies that the variable consideration constraint does not apply to share-based consideration payments to customers. ASU 2025-04 is effective for the Company for its fiscal year beginning January 1, 2027 and for interim periods beginning in that year. The guidance allows for either a modified retrospective or full retrospective adoption, and early adoption is permitted. The Company is currently assessing ASU 2025-04 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.
v3.25.4
Acquisitions and divestitures (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination, Recognized Asset Acquired and Liability 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 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Components of Lease Cost
The components of lease cost were as follows (in thousands):
Table 4.1. Lease Cost
Year ended December 31,
202520242023
Operating lease cost$3,418 $4,406 $1,813 
Short-term lease cost    $666 $895 $180 
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
December 31, 2025December 31, 2024
Operating lease right-of-use assets
$14,127 $15,493 
Operating lease liabilities - current2,686 2,637 
Operating lease liabilities - non-current11,978 13,074 
Total operating lease liabilities$14,664 $15,711 
Weighted-average lease terms and discount rates are as follows:
Table 4.3. Weighted-average Lease Terms and Discount Rates
December 31, 2025December 31, 2024
Weighted-average remaining lease term
7.4 years8.3 years
Weighted-average discount rates13.4 %12.8 %
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$3,111 
20273,164 
20282,788 
20293,058 
20303,119 
Thereafter8,825 
Total lease payments24,065 
Less: imputed interest
9,401 
Total lease liabilities$14,664 
v3.25.4
Goodwill and Intangible assets, net (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table reflects the changes in the carrying amount of goodwill (in thousands):
5.1. Details of Goodwill
Year ended December 31,
20252024
Balance, beginning of period
$169,544 $169,544 
Additions due to business combinations
96,198 — 
Balance, end of period
$265,742 $169,544 
Schedule of Finite-Lived Intangible Assets
The useful life of the Company’s finite-lived acquired intangible assets is as follows:
Table 5.2. Acquired Intangible Assets Useful Life
Acquired intangible assets
Useful life (years)
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 5.3. Details of Intangible Assets, net
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 
As of December 31, 2024Gross
carrying
amount		Accumulated
amortization		Intangible
assets, net		Weighted
average
remaining
useful
life (in years)
Amortizing intangible assets
Internally developed software $146,579 $(94,646)$51,933 1.4
Acquired intangible assets
31,373 (18,316)13,057 5.8
Total amortizing intangible assets
$177,952 $(112,962)$64,990 
Indefinite-lived intangible assets
Acquired intangible assets
266,404 — 266,404 
Total intangible assets, net$444,356 $(112,962)$331,394 
Amortization expense of intangible assets consists of the following (in thousands):
Table 5.3. Details of Amortization Expense of Intangible Assets
Year Ended December 31,
202520242023
Amortization expense on internally developed software$66,981 $42,017 $24,864 
Amortization expense on the acquired intangible assets6,683 6,965 8,253 
Total amortization expense of intangible assets$73,664 $48,982 $33,117 
Schedule of Indefinite-Lived Intangible Assets
Intangible assets consists of the following (in thousands):
Table 5.3. Details of Intangible Assets, net
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 
As of December 31, 2024Gross
carrying
amount		Accumulated
amortization		Intangible
assets, net		Weighted
average
remaining
useful
life (in years)
Amortizing intangible assets
Internally developed software $146,579 $(94,646)$51,933 1.4
Acquired intangible assets
31,373 (18,316)13,057 5.8
Total amortizing intangible assets
$177,952 $(112,962)$64,990 
Indefinite-lived intangible assets
Acquired intangible assets
266,404 — 266,404 
Total intangible assets, net$444,356 $(112,962)$331,394 
Schedule of Future Amortization Expense
The expected future amortization expense for amortizing intangible assets is as follows (in thousands):
Table 5.4. Future Amortization Expense of Intangible Assets

Years ending December 31,
2026$93,148 
202748,102 
20281,515 
2029125 
2030125 
Thereafter 1,301 
Total amortization expense $144,316 
v3.25.4
Fixed assets, net (Tables)
 12 Months Ended
Dec. 31, 2025
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
December 31, 2025December 31, 2024
Computers & equipment
$5,815 $4,920 
Leasehold improvements
20,102 739 
Construction in progress— 16,204 
Other
4,113 1,600 
Total fixed assets30,030 23,463 
Less: accumulated depreciation and amortization(7,239)(4,781)
Total fixed assets, net$22,791 $18,682 
v3.25.4
Digital assets (Tables)
 12 Months Ended
Dec. 31, 2025
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
December 31, 2025December 31, 2024
QuantityCost BasisFair ValueQuantityCost BasisFair Value
Canton Coin367,760,063$13,612 $56,028 —$— $— 
Bitcoin732,255 6,409 732,113 6,781 
Sui3,838,4058,599 5,385 2,304,6722,385 9,483 
Ether1,7474,529 5,188 1,7464,455 5,815 
Other digital assets (1)
n.m.26,880 13,505 n.m.10,805 9,251 
$55,875 $86,515 $19,758 $31,330 
(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)
The following table summarizes the changes in the fair value of digital assets (in thousands):
Table 7.2. Changes in the Fair Value of Digital Assets
Balance as of December 31, 2024$31,330 
Addition of digital assets(1)
37,578 
Disposition of digital assets(2)
(605)
Gains(3)
44,195 
Losses(3)
(25,983)
Balance as of December 31, 2025$86,515 
(1) Additions primarily represent receipts from customers for services and purchases of digital assets.
(2) Dispositions primarily represent payment for blockchain gas fees and services.
(3) The Company measures gains and losses by each asset held. The Company recorded realized gains of $0.2 million and realized losses of $1.0 million during the year ended December 31, 2025, respectively.
Balance as of December 31, 2023$11,339 
Cumulative effect of the adoption of ASU 2023-086,921 
Addition of digital assets(1)
12,339 
Disposition of digital assets(2)
(10,148)
Gains(3)
13,468 
Losses(3)
(2,589)
Balance as of December 31, 2024
$31,330 
(1) Additions primarily represent purchases of digital assets and receipts from customers for services.
(2) Dispositions primarily represent payment for blockchain gas fees and services.
(3) The Company measures gains and losses by each asset held. The Company recorded realized gains of $4.2 million and realized losses of $0.9 million during the year ended December 31, 2024, respectively.
Digital assets (losses) gains consists of the following (in thousands):
Table 7.3. Digital Assets (losses) gains
Year ended December 31,
202520242023
(Gains)/losses on disposals of digital assets$(55)$(3,375)$(13,964)
(Gains)/losses on changes in fair value of hedged items— — (9,031)
(Gains)/losses on changes in fair value of embedded derivatives— 1,629 8,553 
Unrealized (gains)/losses on changes in fair value of digital assets5,348 (2,505)— 
Impairments on digital assets— — 954 
Total$5,293 $(4,251)$(13,488)
v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2024$68,229 
Net investments and returns in privately held companies11,320 
Upward adjustments4,644 
Downward adjustments(5,373)
Realized gains (losses) and impairments
(312)
Balance as of December 31, 2025 (1)
$78,508 
(1)Excludes $5.8 million of strategic investments not accounted for under the measurement alternative as of December 31, 2025.

Balance as of December 31, 2023$66,008 
Net investments and returns in privately held companies
1,162 
Upward adjustments4,969 
Downward adjustments
(2,098)
Realized gains (losses) and impairments
(1,812)
Balance as of December 31, 2024 (1)
$68,229 
(1) Excludes $15.9 million of strategic investments not accounted for under the measurement alternative as of December 31, 2024.
v3.25.4
Derivatives and embedded derivatives (Tables)
 12 Months Ended
Dec. 31, 2025
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
December 31, 2025December 31, 2024
Investments - embedded derivatives$899 $8,982 
Investments - derivatives$473 $350 
Accounts receivable, net - embedded derivatives
$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
December 31, 2025December 31, 2024
Investments - embedded derivatives$1,153 $791 
Investments - derivatives$582 $384 
Accounts receivable, net - embedded derivatives
$4,000 $— 
Schedule of Derivative Instruments, Gain (Loss)
Gains (losses) on derivatives and embedded derivatives are as follows (in thousands):
Table 9.3. Gains (losses) on Derivative and Embedded Derivatives
Year ended December 31,
2025
2024
2023
DerivativesHedged ItemsTotal Income Statement ImpactDerivativesHedged ItemsTotal Income Statement ImpactDerivativesHedged ItemsTotal Income Statement Impact
Investments - derivatives and embedded derivatives (1)
$(5,158)$— $(5,158)$8,175 $— $8,175 $2,776 $— $2,776 
Accounts receivable, net - embedded derivatives (1)
$17,461 $— $17,461 $— $— $— $— $— $— 
Prepaid expenses and other assets - embedded derivatives (1)
$— $— $— $— $— $— $935 $— $935 
Obligation to return digital asset collateral - embedded derivatives (2)
$— $— $— $1,629 $— $1,629 $8,553 $(9,031)$(478)
(1) Included in Other income (expense), net in the Consolidated Statements of Operations.
(2) Included in Digital assets losses (gains) in the Consolidated Statements of Operations. The hedging relationships were de-designated upon the adoption of ASU 2023-08 on January 1, 2024.
v3.25.4
Fair value measurements (Tables)
 12 Months Ended
Dec. 31, 2025
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 and cash equivalents, accounts receivable, stablecoin receivables, 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)December 31, 2025December 31, 2024
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Assets
Cash equivalents (1)
$67,483,506 $— $— $37,841,697 $— $— 
Digital assets86,515 — 31,330 — — 
Digital financial assets
542 — — 14,328 — — 
Investments - derivatives and embedded derivatives (2)(3)
— 1,372 — — 9,332 — 
Accounts receivable, net - embedded derivatives (4)
— 19,942 — — — — 
Total assets$67,570,563 $21,314 $— $37,887,355 $9,332 $— 
Liabilities
Convertible debt, net of debt discount$— $— $36,821 $— $— $40,717 
Warrant liability — — — — — 1,591 
Total liabilities$— $— $36,821 $— $— $42,308 
(1) Included $66.3 billion and $37.5 billion of Circle Reserve Fund as of December 31, 2025 and December 31, 2024, 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 $1.2 million and $0.8 million as of December 31, 2025 and December 31, 2024, respectively.
(4) Excluded the host contract balance of $4.0 million as of December 31, 2025.
Schedule of Roll-Forward of Fair Value for the Company’s Warrant Liabilities The changes in carrying value of warrant liability are reflected in the following tables (in thousands):
Table 10.2. Changes in Carrying Value of Warrant Liability
Balance as of December 31, 2024$1,591 
Warrants exercised
(1,591)
Balance as of December 31, 2025$— 
Balance as of December 31, 2023$1,642 
Fair value adjustment (51)
Balance as of December 31, 2024$1,591 
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, 2024$40,717 
Net discount on convertible notes 735 
Capitalized interest 334 
Fair value adjustment 83,725 
Fair value adjustment  –  credit risk 71 
Conversion of convertible notes
(88,761)
Balance as of December 31, 2025$36,821 
Balance as of December 31, 2023$58,487 
Net discount on convertible notes 1,062 
Capitalized interest 479 
Fair value adjustment (3,428)
Fair value adjustment  –  credit risk (1,095)
Conversion of convertible notes
(14,788)
Balance as of December 31, 2024$40,717 
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
December 31, 2025December 31, 2024
Discount rate 8.0 %7.5 %
Volatility 44.8 %65.0 %
Risk-free rate 3.7 %4.1 %
v3.25.4
Revenue recognition (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue Recognition and Deferred Revenue [Abstract]  
Schedule of Disaggregation of Revenue
Table 11.1. Revenue by Product and Service
Year ended December 31,
202520242023
Reserve income
$2,636,822 $1,661,084 $1,430,606 
Other revenue:
Subscription and services$84,783 $6,054 $6,992 
Transaction revenue24,335 2,852 546 
Other 702 6,263 12,322 
Total other revenue109,820 15,169 19,860 
Total revenue and reserve income from continuing operations$2,746,642 $1,676,253 $1,450,466 
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, 2024$13,390 
Deferred revenue billed in the current period, net of recognition
11,512 
Revenue recognized that was included in the beginning period (13,390)
Balance at December 31, 2025$11,512 
Balance at December 31, 2023$2,499 
Deferred revenue billed in the current period, net of recognition
13,390 
Revenue recognized that was included in the beginning period (2,499)
Balance at December 31, 2024$13,390 
v3.25.4
Other income (expense), net (Tables)
 12 Months Ended
Dec. 31, 2025
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
Year ended December 31,
202520242023
Gains (losses) on digital assets and other investments, net $23,811 $8,560 $(3,648)
Interest income on corporate balances47,672 34,712 29,262 
Changes in fair value of convertible debt, warrant liability, and embedded derivatives
(71,422)11,653 24,865 
Interest expense and amortization of discount
(1,226)(1,906)(1,912)
Foreign currency exchange gain (loss)(7,922)(368)(956)
Other, net 2,629 1,765 1,810 
Total Other income (expense), net
$(6,458)$54,416 $49,421 
v3.25.4
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Net Income (Loss) From Continuing Operations Before Provision for Income Taxes
The Company’s net income (loss) from continuing operations before provision for income taxes for the years ended December 31, 2025, 2024 and 2023 consists of the following (in thousands):
Table 13.1. Net Income (loss) before Income Taxes
Year ended December 31,
202520242023
Domestic$(165,134)$241,476 $364,179 
Foreign62,241 (19,902)(45,230)
Total income (loss) before provision for income taxes
$(102,893)$221,574 $318,949 
Schedule of Provision for Income Taxes from Continuing Operations
The components of the provision for income taxes from continuing operations consist of the following (in thousands):
Table 13.2. Components of Income Taxes
Year ended December 31,
202520242023
Current
Federal$(32,805)$57,623 $66,186 
State(698)10,226 13,225 
Foreign2,400 542 882 
Total Current(31,103)68,391 80,293 
Deferred:
Federal2,298 7,625 (31,383)
State(1,691)(652)(834)
Foreign(2,879)(10,781)(676)
Total Deferred(2,272)(3,808)(32,893)
Total$(33,375)$64,583 $47,400 
Schedule of Effective Income Tax Rate Reconciliation
The Company’s income tax expense from continuing operations differs from the taxes computed by applying the federal income tax rate of 21% to the income (loss) before income taxes. A reconciliation of these differences is as follows (in thousands):
Table 13.3. Effective Tax Rate Reconciliation
Year ended December 31,
202520242023
Amount
Percent
Amount
Percent
Amount
Percent
Federal income taxes at 21%$(21,608)21.0 %$46,530 21.0 %$66,979 21.0 %
State and local taxes, net of federal income tax effect (1)
3,704 (3.6)%7,550 3.4 %9,712 3.0 %
Foreign tax effects
Ireland
Other non-deductible Irish expenses
1,741 (1.7)%3,617 1.6 %— — %
Changes in valuation allowances
1,871 (1.8)%(2,596)(1.2)%3,978 1.2 %
Other(9,957)9.7 %223 0.1 %(1,866)(0.6)%
United Kingdom
Changes in valuation allowances(63)0.1 %(7,464)(3.4)%2,353 0.7 %
Other(1,215)1.2 %(511)(0.2)%(1,842)(0.6)%
Taiwan
Stock-based compensation
121 (0.1)%3,929 1.8 %6,398 2.0 %
Other(415)0.4 %(1,261)(0.6)%367 0.1 %
Other foreign jurisdictions(5,738)5.6 %(1,873)(0.8)%197 0.1 %
Non-taxable or non-deductible items:
Stock-based compensation
(136,641)132.8 %1,380 0.6 %9,446 3.0 %
Non-deductible compensation
30,571 (29.7)%— — %— — %
Research and development expense disallowance
8,751 (8.5)%— — %— — %
Change in fair value of convertible note
17,552 (17.1)%— — %— — %
Other3,473 (3.4)%600 0.3 %716 0.2 %
Effect of cross-border tax laws
Foreign branch deferred accounting818 (0.8)%10,175 4.6 %— — %
Other672 (0.7)%2,030 0.9 %— — %
Tax credits
Research and development credits
(60,644)58.9 %(7,536)(3.4)%(756)(0.2)%
Changes in unrecognized tax benefits
16,750 (16.3)%2,230 1.0 %(1,860)(0.6)%
Changes in valuation allowances
112,919 (109.7)%9,903 4.5 %(51,622)(16.2)%
Other adjustments
3,963 (3.9)%(2,343)(1.1)%5,200 1.6 %
Effective tax rate
$(33,375)32.4 %$64,583 29.1 %$47,400 14.9 %
(1)State taxes in New York and New York City made up the majority (greater than 50 percent) of the tax effect in this category.
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s net deferred tax assets and liabilities consist of the following (in thousands):
Table 13.4. Significant Components of Deferred Tax Assets and Liabilities
December 31, 2025December 31, 2024
Deferred tax assets:
Stock-based compensation
$59,785 $25,723 
Capitalized research expenses8,417 18,250 
Net operating loss carryforwards117,342 12,988 
Accruals and reserves9,474 11,431 
Capital loss carryforward7,826 5,760 
Lease liabilities3,353 3,741 
Charitable contribution carryforward
4,802 — 
Tax credit carryforwards11,662 1,418 
Unrealized loss on investments— 1,368 
Other, net2,078 395 
Total deferred tax assets224,739 81,074 
Valuation allowance(158,114)(31,029)
Total deferred tax assets, net of valuation allowance 66,625 50,045 
Deferred tax liabilities:
Intangible assets(52,387)(53,925)
Foreign branch income(10,583)(10,175)
Right-of-use assets(3,231)(3,689)
Credit risk adjustment— (1,049)
Fixed assets(2,309)(290)
Unrealized foreign currency exchange gain (loss)— (253)
Unrealized (gain) loss on digital assets and other investments
(14,270)— 
Other(1,437)— 
Total deferred tax liabilities(84,217)(69,381)
Deferred tax liabilities, net$(17,592)$(19,336)
Schedule of Unrecognized Tax Benefits Roll Forward The following tables present activity related to unrecognized tax benefits as of the dates indicated (in thousands):
Table 13.5. Summary of Uncertain Tax Positions Activities
December 31, 2025December 31, 2024
Beginning balance$4,823 $2,158 
Increase related to tax positions taken during current year15,242 1,511 
Decrease related to tax positions taken during prior year618 1,154 
Ending balance$20,683 $4,823 
v3.25.4
Stockholders' equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Common Stock Reserved For Future Issuance
As of December 31, 2025 and December 31, 2024, the Company has the following number of common shares reserved (in thousands):
Table 15.1. Details of Common Shares Reserved
December 31, 2025December 31, 2024
Conversion of Series A redeemable convertible preferred stock —33,621
Conversion of Series B redeemable convertible preferred stock —17,586
Conversion of Series C redeemable convertible preferred stock —18,445
Conversion of Series D redeemable convertible preferred stock —23,203
Conversion of Series E redeemable convertible preferred stock —37,391
Conversion of Series F redeemable convertible preferred stock —9,516
Common stock issuable in connection with business combinations1,744548
Common stock issuable under stock award plans
28,16142,694
Common stock available for future issuance under stock award plan
28,2659,649
Common stock available for future issuance under ESPP5,653—
Total $63,823 $192,653 
v3.25.4
Redeemable convertible preferred stock (Tables)
 12 Months Ended
Dec. 31, 2025
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 December 31, 2024.
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 37,391
Series F5/9/2022$42.14 $42.14 $42.14 9,516
v3.25.4
Stock-based compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Weighted Average Assumptions Utilised in the Valuation of Options Granted
The weighted average assumptions utilized in the valuation of options granted are presented as below:

Table 17.1. Stock Options Valuation Assumptions
Year ended December 31,
2025
Risk-free interest rate3.80 %
Expected term (years)6.1
Expected volatility
60.01 %
Expected annual dividend
— 
Summary of Outstanding Stock Options Activities
A summary of outstanding stock options activities for the years ended December 31, 2025 and 2024 is presented as below:
Table 17.2. 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, 202422,751$8.48 5.5$522,900 
Options granted 103 131.98 
Options exercised (9,310)5.56 
Options forfeited(94)20.50 
Balance as of December 31, 202513,45011.36 4.2$919,115 
Exercisable at December 31, 202512,719$9.63 4.0$886,543 
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, 202324,453$8.26 6.5$488,807 
Options exercised (1,221)1.32 
Options forfeited(481)15.34 
Balance as of December 31, 202422,7518.48 5.5$522,900 
Exercisable at December 31, 202420,636$6.91 5.3$505,237 
Summary of Restricted Stock Units Activities
A summary of RSUs activities for the years ended December 31, 2025 and 2024 is as follows:
Table 17.3. Summary of Restricted Stock Units Activities
Number of
Shares (in thousands)		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 202419,943 $30.85 
RSUs granted 8,066 $41.04 
RSUs vested(12,190)$32.61 
RSUs forfeited (1,108)$15.88 
Balance as of December 31, 202514,711$35.16 
Number of
Shares (in thousands)		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 202310,900 $34.96 
RSUs granted 10,927 $27.08 
RSUs vested(3)$27.81 
RSUs forfeited (1,881)$32.77 
Balance as of December 31, 202419,943$30.85 
Summary of Outstanding Unvested Stock Options Activities
Table 17.4. Summary of Shares Issued for Business Combinations Activities
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 vested
(271)$47.82 
Shares forfeited
(6)$47.82 
Balance as of December 31, 20251,744$33.75 
Number of
Shares (in thousands)		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 20232,036 $47.82 
Shares vested
(1,445)$47.82 
Shares forfeited
(43)$47.82 
Balance as of December 31, 2024548$47.82 
v3.25.4
Earnings (loss) per share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Net Income Per Share
The computation of earnings (loss) per share is as follows (in thousands, except per share amounts):
Table 18.1. Earnings (loss) per Share
Year ended December 31,
202520242023
Net income (loss) from continuing operations
$(69,518)$156,991 $271,549 
Net loss from discontinued operations
— (1,324)(3,987)
Net income (loss)
$(69,518)$155,667 $267,562 
Less: Net loss attributable to noncontrolling interests
(10)— — 
Net income (loss) attributable to common stockholders$(69,508)$155,667 $267,562 
Net income (loss) attributable to common stockholders$(69,508)$155,667 $267,562 
Less: Dividend preference on preferred shares
— (91,044)(90,363)
Less; Undistributed earnings allocated to preferred shares
— (46,514)(132,291)
Net income (loss) available to common stockholders - basic
$(69,508)$18,109 $44,908 
Net income (loss) attributable to common stockholders$(69,508)$155,667 $267,562 
Less: Changes in fair value of convertible debt and warrant liability
— (1,036)(15,264)
Less: Dividend preference on preferred shares
— (90,363)(90,363)
Less: Undistributed earnings allocated to preferred shares
— (42,154)(109,037)
Net income (loss) available to common stockholders - diluted
$(69,508)$22,114 $52,898 
Weighted-average common shares – basic158,699 54,413 47,265 
Add: Weighted-average effect of dilutive securities
— 18,629 20,284 
Weighted-average common shares – diluted158,699 73,042 67,549 
Earnings (loss) per common share attributable to common stockholders:
Basic earnings (loss) per share
Continuing operations$(0.44)$0.33 $0.95 
Discontinued operations— (0.00)(0.00)
Basic earnings (loss) per common share attributable to common stockholders
$(0.44)$0.33 $— $0.95 
Diluted earnings (loss) per common share attributable to common stockholders:
Continuing operations$(0.44)$0.30 $0.78 
Discontinued operations— (0.00)(0.00)
Diluted earnings (loss) per common share attributable to common stockholders
$(0.44)$0.30 $0.78 
Schedule of Potentially Dilutive Securities
The outstanding securities that were excluded from the computation of diluted earnings (loss) 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
Year ended December 31,
202520242023
Redeemable convertible preferred stock
— 139,762 139,237 
Stock options and RSUs28,161 — — 
Common stock in connection with business combinations1,782 211 1,027 
Convertible debt465 — — 
Warrants1,424 — — 
Total31,832 139,973 140,264 
v3.25.4
Accumulated other comprehensive income (Tables)
 12 Months Ended
Dec. 31, 2025
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
Year Ended December 31,
202520242023
Accumulated other comprehensive income
Beginning balance$3,644 $4,929 $3,356 
Pre-tax change – Foreign currency translation adjustment 10,904 (1,899)1,460 
Pre-tax change – Unrealized (loss) gain on convertible notes – credit risk adjustment
(71)1,095 1,182 
Pre-tax change – Unrealized gain (loss) on available-for-sale securities— (226)(1,069)
Tax effect22 (255)— 
Total accumulated other comprehensive income including noncontrolling interest, net of tax14,499 3,644 4,929 
Pre tax change - Foreign currency translation adjustment attributable to noncontrolling interest16 — — 
Total accumulated other comprehensive income attributable to common stockholders, net of tax$14,515 $3,644 $4,929 
v3.25.4
Prepaid expenses and other current assets (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Current Assets
Prepaid expenses and other current assets includes the following (in thousands):
Table 20.1 Details of Prepaid Expenses and Other Current Assets
December 31, 2025December 31, 2024
Reserve income receivable$219,221 $138,889 
Prepaid expenses 24,243 15,602 
Deferred offering costs— 4,235 
Digital financial assets
542 14,328 
Income tax receivable 65,060 8,507 
Other12,594 5,967 
Total prepaid expenses and other current assets$321,660 $187,528 
v3.25.4
Accounts payable and accrued expenses (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities
Accounts payable and accrued expenses includes the following (in thousands):
Table 21.1 Details of Accounts Payable and Accrued Expenses
December 31, 2025December 31, 2024
Accrued distribution costs$119,038 $83,318 
Stablecoin redemptions in transit
80,593 118,074 
Accrued expenses 114,272 70,314 
Accounts payable
24,733 5,505 
Income taxes payable 1,632 678 
Other payables20,341 9,118 
Total accounts payable and accrued expenses $360,609 $287,007 
v3.25.4
Summarized financial information of Circle Reserve Fund and Hashnote International Short Duration Yield Fund Ltd. (SDYF) (Tables)
 12 Months Ended
Dec. 31, 2025
Investment Company [Abstract]  
Schedule of Financial information of Circle Reserve Fund
Circle Reserve Fund has an April 30 fiscal year-end and prepares its financial statements on a semi-annual basis. Financial information of the Circle Reserve Fund is summarized as follows (in thousands):
23.1. Circle Reserve Fund: Selected Assets and Liabilities Information

2025 (1)
2024 (2)
Total assets
$69,170,578 $30,567,886 
Total liabilities
$3,104,864 $129,015 
23.2. Circle Reserve Fund: Selected Income Statement Information

2025 (1)
2024 (2)
2023 (3)
Total investment income
$2,228,169 $1,460,787 $1,173,135 
Net increase in net assets resulting from operations
$2,183,991 $1,437,053 $1,151,901 
(1) Summarized financial information is as of October 31, 2025 and for the fiscal year then ended.
(2) Summarized financial information is as of October 31, 2024 and for the fiscal year then ended.
(3) Summarized financial information is as of October 31, 2023 and for the period from November 3, 2022 through October 31,
2023. Circle Reserve Fund commenced operations on November 3, 2022.

SDYF
The Company holds an insignificant equity interest in SDYF but, as fund manager, has the ability to exercise significant influence. SDYF has a December 31 fiscal year-end. Financial information for SDYF in its entirety is summarized as follows (in thousands):
23.3. SDYF: Selected Assets and Liabilities Information
2025 (1)
Total assets$1,537,818 
Total liabilities$— 
23.4. SDYF: Selected Income Statement Information
2025 (1)
Total investment income$30,648 
Net increase in net assets resulting from operations$27,581 
(1) Summarized financial information is as of December 31, 2025 and for the year then ended. The Company acquired Hashnote Holdings LLC and its affiliates, including the fund manager of SDYF, on January 21, 2025.
v3.25.4
Description of business (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Jun. 06, 2025
Aug. 31, 2025
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative            
Preferred stock, shares authorized (in shares) 500,000,000.0          
Share-based payment arrangement, expense $ 423.8          
Capitalized stock-based compensation expense related to internally developed software $ 62.7     $ 86.9 $ 13.6 $ 13.1
IPO            
Collaborative Arrangement and Arrangement Other than Collaborative            
Share-based compensation arrangement by share-based payment award, accelerated vesting, number       9,500,000    
Shares withheld for tax withholding requirements       4,000,000.0    
Class A common stock            
Collaborative Arrangement and Arrangement Other than Collaborative            
Common stock, shares authorized (in shares) 2,500,000,000     2,500,000,000 300,000,000.0  
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)       223,600,000 56,400,000  
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     $ 583.0      
Net of issuance costs     $ 12.8      
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   $ 444.8        
Net of issuance costs   $ 1.8        
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   $ 0.0        
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     $ 0.0      
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 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 0  
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 0  
Common stock, par or stated value per share (in dollars per share) $ 0.0001     $ 0.0001    
Common stock, shares, issued (in shares) 500,000,000.0     0 0  
v3.25.4
Summary of significant accounting policies (Details)
 12 Months Ended
Nov. 07, 2022
USD ($)
Oct. 07, 2022
USD ($)
Dec. 31, 2025
USD ($)
segments
$ / shares
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
Feb. 19, 2025
Sep. 30, 2023
$ / shares
shares
Dec. 31, 2022
USD ($)
Platform Operator, Crypto Asset                
Net asset value (in dollars per share) | $ / shares     $ 1.00 $ 1.00        
Impairment of intangible assets     $ 0 $ 0 $ 0      
Number of reportable segments | segments     1          
Digital asset, cost basis     $ 55,875,000 19,758,000        
Deferred tax liabilities     17,592,000 19,336,000        
Accumulated deficit     $ (1,292,709,000) (1,223,213,000)        
Cumulative Effect, Period of Adoption, Adjustment                
Platform Operator, Crypto Asset                
Digital asset, cost basis         6,900,000      
Deferred tax liabilities         200,000      
Accumulated deficit         $ 6,700,000     $ (1,000,000.0)
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%          
September 2023 Program                
Platform Operator, Crypto Asset                
Shares issued (in dollars per share) | $ / shares             $ 25.09  
Other Affiliates                
Platform Operator, Crypto Asset                
Total compensation paid     $ 120,000          
Director | September 2023 Program                
Platform Operator, Crypto Asset                
Share repurchase program | shares             240,000  
Related Party | Investment Agreement                
Platform Operator, Crypto Asset                
Amounts of transaction $ 300,000              
Related Party | Investment Agreement | Circle Foundation                
Platform Operator, Crypto Asset                
Subsidiary, ownership percentage           40.00%    
Related Party | Series A Funding | Investment Agreement                
Platform Operator, Crypto Asset                
Amounts of transaction   $ 300,000            
Internally developed software                
Platform Operator, Crypto Asset                
Weighted average remaining useful life (in years)     2 years          
Fair Value Measured at Net Asset Value Per Share                
Platform Operator, Crypto Asset                
Cash and cash equivalents segregated for the benefit of stablecoin holders     $ 66,300,000,000 $ 37,500,000,000        
v3.25.4
Acquisitions and divestitures - Narrative (Details)
shares in Thousands, $ in Thousands
 1 Months Ended 12 Months Ended
Nov. 30, 2025
USD ($)
Aug. 31, 2025
USD ($)
tradingDay
Jan. 31, 2025
USD ($)
shares
Aug. 31, 2023
USD ($)
shares
Oct. 31, 2022
USD ($)
shares
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Business Combination                
Gain on sale of intangible assets           $ 0 $ 0 $ 21,634
SeedInvest                
Business Combination                
Issuance of common stock (in shares) | shares         960      
Gain on sale of intangible assets         $ 21,600      
Circle SBI Japan K.K.                
Business Combination                
Cash acquired from acquisition of equity method affiliate $ 1,500              
Equity method investment, ownership percentage 50.00%              
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 (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            
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     2,900          
Intangible assets, net     $ 4,480          
Business acquisition additional number of shares | shares     1,800          
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          
Centre Consortium, LLC                
Business Combination                
Business acquisition number of shares | shares       8,400        
Business combination, consideration transferred       $ 209,900        
Deferred tax assets       8,700        
Deferred tax liabilities       $ 57,300        
Centre Consortium, LLC | Centre Acquisition                
Business Combination                
Percentage of business acquired       50.00%        
v3.25.4
Acquisitions and divestitures - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jan. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination        
Goodwill $ 265,742   $ 169,544 $ 169,544
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    
v3.25.4
Leases - Schedule of Components of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 3,418 $ 4,406 $ 1,813
Short-term lease cost $ 666 $ 895 $ 180
v3.25.4
Leases - Schedule of Supplemental Balance Sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease right-of-use assets $ 14,127 $ 15,493
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Operating lease liabilities - current $ 2,686 $ 2,637
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other non-current liabilities Other non-current liabilities
Operating lease liabilities - non-current $ 11,978 $ 13,074
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other non-current liabilities Other non-current liabilities
Total operating lease liabilities $ 14,664 $ 15,711
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other non-current assets Other non-current assets
v3.25.4
Leases - Schedule of Weighted-Average Lease Terms and Discount Rates (Details)
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term 7 years 4 months 24 days 8 years 3 months 18 days
Weighted-average discount rates (in percent) 13.40% 12.80%
v3.25.4
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 3,111  
2027 3,164  
2028 2,788  
2029 3,058  
2030 3,119  
Thereafter 8,825  
Total lease payments 24,065  
Less: imputed interest 9,401  
Total lease liabilities $ 14,664 $ 15,711
v3.25.4
Goodwill and Intangible assets, net - Goodwill Rollforward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill    
Balance, beginning of period $ 169,544 $ 169,544
Additions due to business combinations 96,198 0
Balance, end of period $ 265,742 $ 169,544
v3.25.4
Goodwill and Intangible assets, net - Schedule of Intangible Assets Useful Life (Details)
 12 Months Ended
Dec. 31, 2025
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
v3.25.4
Goodwill and Intangible assets, net - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Amortizing intangible assets    
Intangible assets, gross $ 317,581 $ 177,952
Accumulated amortization (173,265) (112,962)
Total amortization expense 144,316 64,990
Intangible Assets, Net    
Total intangible assets, net 584,411 444,356
Accumulated amortization 173,265 112,962
Intangible assets, net 411,146 331,394
Internally developed software    
Amortizing intangible assets    
Intangible assets, gross 279,472 146,579
Accumulated amortization (161,666) (94,646)
Total amortization expense $ 117,806 51,933
Weighted average remaining useful life (in years) 2 years  
Intangible Assets, Net    
Accumulated amortization $ 161,666 94,646
Acquired intangible assets    
Amortizing intangible assets    
Intangible assets, gross 38,109 31,373
Accumulated amortization (11,599) (18,316)
Total amortization expense 26,510 13,057
Intangible Assets, Net    
Accumulated amortization $ 11,599 $ 18,316
Maximum | Developed technology    
Amortizing intangible assets    
Business combination, acquisition period 6 years  
Weighted Average | Internally developed software    
Amortizing intangible assets    
Weighted average remaining useful life (in years) 1 year 6 months 1 year 4 months 24 days
Weighted Average | Acquired intangible assets    
Amortizing intangible assets    
Weighted average remaining useful life (in years) 3 years 5 years 9 months 18 days
Acquired intangible assets    
Amortizing intangible assets    
Indefinite-lived intangible assets $ 266,830 $ 266,404
v3.25.4
Goodwill and Intangible assets, net - Schedule of Amortization Expense of Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets      
Amortization of intangible assets $ 73,664 $ 48,982 $ 33,117
Internally developed software      
Finite-Lived Intangible Assets      
Amortization of intangible assets 66,981 42,017 24,864
Acquired intangible assets      
Finite-Lived Intangible Assets      
Amortization of intangible assets $ 6,683 $ 6,965 $ 8,253
v3.25.4
Goodwill and Intangible assets, net - Schedule of Future Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Years ending December 31,    
2026 $ 93,148  
2027 48,102  
2028 1,515  
2029 125  
2030 125  
Thereafter 1,301  
Total amortization expense $ 144,316 $ 64,990
v3.25.4
Fixed assets, net - Schedule of Fixed Asset, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment    
Total fixed assets $ 30,030 $ 23,463
Less: accumulated depreciation and amortization (7,239) (4,781)
Total fixed assets, net 22,791 18,682
Computers & equipment    
Property, Plant and Equipment    
Total fixed assets 5,815 4,920
Leasehold improvements    
Property, Plant and Equipment    
Total fixed assets 20,102 739
Construction in progress    
Property, Plant and Equipment    
Total fixed assets 0 16,204
Other    
Property, Plant and Equipment    
Total fixed assets $ 4,113 $ 1,600
v3.25.4
Fixed assets, net - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation $ 3.0 $ 1.9 $ 1.8
v3.25.4
Digital assets - Composition of Digital Assets (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
cryptocurrency
Dec. 31, 2024
USD ($)
cryptocurrency
Dec. 31, 2023
USD ($)
Cost Basis      
Digital asset, cost basis $ 55,875 $ 19,758  
Fair Value      
Digital assets $ 86,515 $ 31,330 $ 11,339
Canton Coin      
Quantity      
Digital assets, quantity | cryptocurrency 367,760,063 0  
Cost Basis      
Digital asset, cost basis $ 13,612 $ 0  
Fair Value      
Digital assets $ 56,028 $ 0  
Bitcoin      
Quantity      
Digital assets, quantity | cryptocurrency 73 73  
Cost Basis      
Digital asset, cost basis $ 2,255 $ 2,113  
Fair Value      
Digital assets $ 6,409 $ 6,781  
Sui      
Quantity      
Digital assets, quantity | cryptocurrency 3,838,405 2,304,672  
Cost Basis      
Digital asset, cost basis $ 8,599 $ 2,385  
Fair Value      
Digital assets $ 5,385 $ 9,483  
Ether      
Quantity      
Digital assets, quantity | cryptocurrency 1,747 1,746  
Cost Basis      
Digital asset, cost basis $ 4,529 $ 4,455  
Fair Value      
Digital assets 5,188 5,815  
Other digital assets      
Cost Basis      
Digital asset, cost basis 26,880 10,805  
Fair Value      
Digital assets $ 13,505 $ 9,251  
v3.25.4
Digital assets - Narrative (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Digital assets fair value amount $ 1.5
v3.25.4
Digital assets - Changes in Fair Value of Digital Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Crypto Asset    
Beginning balance $ 31,330 $ 11,339
Addition of digital assets 37,578 12,339
Disposition of digital assets (605) (10,148)
Gains 44,195 13,468
Losses (25,983) (2,589)
Ending balance 86,515 31,330
Cumulative realized gains 200 4,200
Cumulative realized loss $ 1,000 900
Cumulative Effect, Period of Adoption, Adjustment    
Crypto Asset    
Beginning balance   $ 6,921
v3.25.4
Digital assets - Digital Assets (Gains)/Losses and Impairment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
(Gains)/losses on disposals of digital assets $ (55) $ (3,375) $ (13,964)
(Gains)/losses on changes in fair value of hedged items 0 0 (9,031)
(Gains)/losses on changes in fair value of embedded derivatives 0 1,629 8,553
Unrealized (gains)/losses on changes in fair value of digital assets 5,348 (2,505) 0
Impairments on digital assets 0 0 954
Total $ 5,293 $ (4,251) $ (13,488)
v3.25.4
Investments - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Investments $ 84,265 $ 84,114
v3.25.4
Investments - Schedule of Equity Investments Under Measurement Alternative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Investments in and Advances to Affiliates, at Fair Value    
Beginning balance $ 68,229 $ 66,008
Net investments and returns in privately held companies 11,320 1,162
Upward adjustments 4,644 4,969
Downward adjustments (5,373) (2,098)
Realized gains (losses) and impairments (312) (1,812)
Ending balance 78,508 68,229
Other long-term investments $ 5,800 $ 15,900
v3.25.4
Derivatives and embedded derivatives - Schedule of Fair Value of Derivative and Embedded Derivative Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Investments    
Derivatives    
Embedded derivatives - Fair value $ 899 $ 8,982
Investments - derivatives 473 350
Accounts receivable, net - embedded derivatives    
Derivatives    
Embedded derivatives - Fair value $ 19,942 $ 0
v3.25.4
Derivatives and embedded derivatives - Schedule of Notional Amounts of Derivative and Embedded Derivative Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Investments | Host Contract    
Derivatives    
Hybrid Instruments at fair value $ 1,153 $ 791
Investments | Investments - derivatives    
Derivatives    
Investments - derivatives 582 384
Accounts receivable, net - embedded derivatives | Host Contract    
Derivatives    
Hybrid Instruments at fair value $ 4,000 $ 0
v3.25.4
Derivatives and embedded derivatives - Schedule of Gains (losses) on Derivatives and Embedded Derivatives (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investments      
Derivatives      
Derivatives $ (5,158) $ 8,175 $ 2,776
Hedged Items 0 0 0
Total Income Statement Impact (5,158) 8,175 2,776
Accounts receivable, net - embedded derivatives      
Derivatives      
Derivatives 17,461 0  
Hedged Items 0 0 0
Total Income Statement Impact 17,461 0 935
Digital Assets      
Derivatives      
Derivatives 0 1,629 8,553
Hedged Items 0 0 (9,031)
Total Income Statement Impact $ 0 $ 1,629 (478)
Prepaid Expenses and Other Current Assets      
Derivatives      
Derivatives     $ 935
v3.25.4
Fair value measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets      
Digital assets $ 86,515 $ 31,330 $ 11,339
Liabilities      
Warrant liability 0 1,591  
Investments | Host Contract      
Liabilities      
Hybrid Instruments at fair value 1,153 791  
Accounts receivable, net - embedded derivatives | Host Contract      
Liabilities      
Hybrid Instruments at fair value 4,000 0  
Level 1      
Assets      
Cash equivalents 67,483,506 37,841,697  
Digital assets 86,515 31,330  
Digital financial assets 542 14,328  
Total assets 67,570,563 37,887,355  
Liabilities      
Total liabilities 0 0  
Level 2      
Assets      
Total assets 21,314 9,332  
Liabilities      
Total liabilities 0 0  
Level 2 | Investments      
Assets      
Investments - derivatives and embedded derivatives 1,372 9,332  
Level 2 | Accounts receivable, net - embedded derivatives      
Assets      
Investments - derivatives and embedded derivatives 19,942    
Level 3      
Assets      
Total assets 0    
Liabilities      
Convertible debt, net of debt discount 36,821 40,717  
Warrant liability   1,591  
Total liabilities 36,821 42,308  
Fair Value Measured at Net Asset Value Per Share      
Liabilities      
Cash and cash equivalents segregated for the benefit of stablecoin holders $ 66,300,000 $ 37,500,000  
v3.25.4
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
Sep. 30, 2024
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      
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, original debt, amount       $ 8,300,000        
Debt conversion, converted instrument, shares (in shares)     675 524        
Debt conversion price (in dollars per share)             $ 16.23  
Debt conversion, converted instrument, amount     $ 11,000,000.0 $ 8,500,000        
Debt conversion, converted instrument, per share (in dollars per share)     $ 16.23          
First Note | Convertible debt, net of debt discount | Subsequent Event                
Fair Value                
Debt conversion, converted instrument, shares (in shares)   465            
Debt conversion, converted instrument, amount   $ 7,500,000            
Debt conversion, converted instrument, per share (in dollars per share)   $ 16.23            
v3.25.4
Fair value measurements - Schedule of Roll-Forward of Fair Value of Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Conversion of convertible notes $ (88,761) $ (14,788)
Warrants    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 1,591 1,642
Warrants exercised (1,591)  
Fair value adjustment   (51)
Ending balance 0 1,591
Convertible debt, net of debt discount    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 40,717 58,487
Net discount on convertible notes 735 1,062
Capitalized interest 334 479
Ending balance 36,821 40,717
Convertible debt, net of debt discount | Interest Rate Risk    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value adjustment 83,725 (3,428)
Convertible debt, net of debt discount | Credit Risk    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value adjustment $ 71 $ (1,095)
v3.25.4
Fair value measurements - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Convertible debt, net of debt discount
Dec. 31, 2025
Dec. 31, 2024
Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrants and rights outstanding, measurement input 0.080 0.075
Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrants and rights outstanding, measurement input 0.448 0.650
Risk-free rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrants and rights outstanding, measurement input 0.037 0.041
v3.25.4
Revenue recognition - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue      
Reserve income $ 2,636,822 $ 1,661,084 $ 1,430,606
Other revenue 109,820 15,169 19,860
Total revenue and reserve income from continuing operations 2,746,642 1,676,253 1,450,466
Subscription and services      
Disaggregation of Revenue      
Other revenue 84,783 6,054 6,992
Transaction revenue      
Disaggregation of Revenue      
Other revenue 24,335 2,852 546
Other      
Disaggregation of Revenue      
Other revenue $ 702 $ 6,263 $ 12,322
v3.25.4
Revenue recognition - Schedule of Changes in Deferred Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Contract with Customer, Liability    
Deferred revenue (Beginning balance) $ 13,390 $ 2,499
Deferred revenue billed in the current period, net of recognition 11,512 13,390
Revenue recognized that was included in the beginning period (13,390) (2,499)
Deferred revenue (Ending balance) $ 11,512 $ 13,390
v3.25.4
Other income (expense), net - Schedule of Major Categories of Other (Expense) Income, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Income and Expenses [Abstract]      
Gains (losses) on digital assets and other investments, net $ 23,811 $ 8,560 $ (3,648)
Interest income on corporate balances 47,672 34,712 29,262
Changes in fair value of convertible debt, warrant liability, and embedded derivatives (71,422) 11,653 24,865
Interest expense and amortization of discount (1,226) (1,906) (1,912)
Foreign currency exchange gain (loss) (7,922) (368) (956)
Other, net 2,629 1,765 1,810
Total Other income (expense), net $ (6,458) $ 54,416 $ 49,421
v3.25.4
Income taxes - Schedule of Net Income (Loss) From Continuing Operations Before Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ (165,134) $ 241,476 $ 364,179
Foreign 62,241 (19,902) (45,230)
Net income (loss) from continuing operations before income taxes $ (102,893) $ 221,574 $ 318,949
v3.25.4
Income taxes - Schedule of Provision for Income Taxes from Continuing Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current      
Federal $ (32,805) $ 57,623 $ 66,186
State (698) 10,226 13,225
Foreign 2,400 542 882
Total Current (31,103) 68,391 80,293
Deferred:      
Federal 2,298 7,625 (31,383)
State (1,691) (652) (834)
Foreign (2,879) (10,781) (676)
Total Deferred (2,272) (3,808) (32,893)
Effective tax rate $ (33,375) $ 64,583 $ 47,400
v3.25.4
Income taxes - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Tax Credit Carryforward [Line Items]      
Unrecognized tax benefit $ 20,683 $ 4,823 $ 2,158
Unrecognized tax benefits that would affect the effective tax rate     $ 15,600
Domestic Tax Jurisdiction      
Tax Credit Carryforward [Line Items]      
Operating loss carryforwards 478,800    
Operating tax carryforward subject to expiration 3,400    
Domestic Tax Jurisdiction | Capital Loss Carryforward      
Tax Credit Carryforward [Line Items]      
Tax credit carryforward 9,500    
State and Local Jurisdiction      
Tax Credit Carryforward [Line Items]      
Operating loss carryforwards 135,600    
New York      
Tax Credit Carryforward [Line Items]      
Operating loss carryforwards 45,000    
New York City      
Tax Credit Carryforward [Line Items]      
Operating loss carryforwards 45,000    
Foreign Tax Jurisdiction      
Tax Credit Carryforward [Line Items]      
Operating loss carryforwards 38,900    
Foreign Tax Jurisdiction | Capital Loss Carryforward      
Tax Credit Carryforward [Line Items]      
Tax credit carryforward $ 18,500    
v3.25.4
Income taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Federal income taxes at 21% $ (21,608) $ 46,530 $ 66,979
State and local taxes, net of federal income tax effect 3,704 7,550 9,712
Stock-based compensation (136,641) 1,380 9,446
Non-deductible compensation 30,571 0 0
Research and development expense disallowance 8,751 0 0
Change in fair value of convertible note 17,552 0 0
Foreign branch deferred accounting 818 10,175 0
Other 672 2,030 0
Research and development credits (60,644) (7,536) (756)
Changes in unrecognized tax benefits 16,750 2,230 (1,860)
Effective tax rate $ (33,375) $ 64,583 $ 47,400
Percent      
Federal income taxes at 21% 21.00% 21.00% 21.00%
State and local taxes, net of federal income tax effect (3.60%) 3.40% 3.00%
Stock-based compensation 132.80% 0.60% 3.00%
Non-deductible compensation (29.70%) 0.00% 0.00%
Research and development expense disallowance (8.50%) 0.00% 0.00%
Change in fair value of convertible note (17.10%) 0.00% 0.00%
Foreign branch deferred accounting (0.80%) 4.60% 0.00%
Other (0.70%) 0.90% 0.00%
Research and development credits 58.90% (3.40%) (0.20%)
Changes in unrecognized tax benefits (16.30%) 1.00% (0.60%)
Effective income tax rate 32.40% 29.10% 14.90%
Ireland      
Amount      
Other $ 1,741 $ 3,617 $ 0
Changes in valuation allowances 1,871 (2,596) 3,978
Other adjustments $ (9,957) $ 223 $ (1,866)
Percent      
Other (1.70%) 1.60% 0.00%
Changes in valuation allowances (1.80%) (1.20%) 1.20%
Other 9.70% 0.10% (0.60%)
United Kingdom      
Amount      
Changes in valuation allowances $ (63) $ (7,464) $ 2,353
Other adjustments $ (1,215) $ (511) $ (1,842)
Percent      
Changes in valuation allowances 0.10% (3.40%) 0.70%
Other 1.20% (0.20%) (0.60%)
Taiwan      
Amount      
Other adjustments $ (415) $ (1,261) $ 367
Stock-based compensation $ 121 $ 3,929 $ 6,398
Percent      
Other 0.40% (0.60%) 0.10%
Stock-based compensation (0.10%) 1.80% 2.00%
Other foreign jurisdictions      
Amount      
Other foreign jurisdictions $ (5,738) $ (1,873) $ 197
Percent      
Other foreign jurisdictions 5.60% (0.80%) 0.10%
United States      
Amount      
Other $ 3,473 $ 600 $ 716
Changes in valuation allowances 112,919 9,903 (51,622)
Other adjustments $ 3,963 $ (2,343) $ 5,200
Percent      
Other (3.40%) 0.30% 0.20%
Changes in valuation allowances (109.70%) 4.50% (16.20%)
Other (3.90%) (1.10%) 1.60%
v3.25.4
Income taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Stock-based compensation $ 59,785 $ 25,723
Capitalized research expenses 8,417 18,250
Net operating loss carryforwards 117,342 12,988
Accruals and reserves 9,474 11,431
Capital loss carryforward 7,826 5,760
Lease liabilities 3,353 3,741
Charitable contribution carryforward 4,802 0
Tax credit carryforwards 11,662 1,418
Unrealized loss on investments 0 1,368
Other, net 2,078 395
Total deferred tax assets 224,739 81,074
Valuation allowance (158,114) (31,029)
Total deferred tax assets, net of valuation allowance 66,625 50,045
Deferred tax liabilities:    
Intangible assets (52,387) (53,925)
Foreign branch income (10,583) (10,175)
Right-of-use assets (3,231) (3,689)
Credit risk adjustment 0 (1,049)
Fixed assets (2,309) (290)
Unrealized foreign currency exchange gain (loss) 0 (253)
Unrealized (gain) loss on digital assets and other investments (14,270) 0
Other (1,437) 0
Total deferred tax liabilities (84,217) (69,381)
Deferred tax liabilities, net $ (17,592) $ (19,336)
v3.25.4
Income taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns    
Beginning balance $ 4,823 $ 2,158
Increase related to tax positions taken during current year 15,242 1,511
Decrease related to tax positions taken during prior year 618 1,154
Ending balance $ 20,683 $ 4,823
v3.25.4
Debt (Details) - USD ($)
$ / shares in Units, shares in Thousands
 1 Months Ended 12 Months Ended
Feb. 20, 2025
Oct. 31, 2025
Sep. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Nov. 30, 2019
Mar. 31, 2019
Mar. 01, 2019
Debt Instrument [Line Items]                
Issuance of preferred stock for conversion of convertible notes, net       $ 854,000 $ 4,692,000      
Additional paid-in capital upon conversion   $ 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, original debt, amount     $ 8,300,000          
Debt conversion, converted instrument, shares (in shares)   675 524          
Convertible notes     $ 15,000,000.0          
Debt conversion, converted instrument, amount   $ 11,000,000.0 8,500,000          
Issuance of preferred stock for conversion of convertible notes, net     6,500,000          
Additional paid-in capital upon conversion     $ 4,700,000          
Debt conversion, converted instrument, per share (in dollars per share)   $ 16.23            
Convertible debt, net of debt discount       $ 36,800,000 $ 40,700,000      
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    
v3.25.4
Stockholders' equity - Common Stock (Details) - $ / shares
 1 Months Ended
Jun. 06, 2025
Aug. 31, 2025
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Class of Stock          
Preferred stock, shares authorized (in shares) 500,000,000.0        
Class A common stock          
Class of Stock          
Common stock, shares authorized (in shares) 2,500,000,000     2,500,000,000 300,000,000.0
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)       223,600,000 56,400,000
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 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 0
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 0
Common stock, par or stated value per share (in dollars per share) $ 0.0001     $ 0.0001  
Common stock, shares, issued (in shares) 500,000,000.0     0 0
v3.25.4
Stockholders' equity - Number of Common Shares Reserved (Details) - shares
shares in Thousands
Dec. 31, 2025
Dec. 31, 2024
Class of Stock    
Common stock reserved for future issuance 63,823 192,653
Employee Stock    
Class of Stock    
Common stock reserved for future issuance 5,653 0
Common stock issuable under stock award plans    
Class of Stock    
Common stock reserved for future issuance 28,161 42,694
Common stock available for future issuance under stock award plan    
Class of Stock    
Common stock reserved for future issuance 28,265 9,649
Common stock issuable in connection with business combinations    
Class of Stock    
Common stock reserved for future issuance 1,744 548
Conversion of Series A redeemable convertible preferred stock    
Class of Stock    
Common stock reserved for future issuance 0 33,621
Conversion of Series B redeemable convertible preferred stock    
Class of Stock    
Common stock reserved for future issuance 0 17,586
Conversion of Series C redeemable convertible preferred stock    
Class of Stock    
Common stock reserved for future issuance 0 18,445
Conversion of Series D redeemable convertible preferred stock    
Class of Stock    
Common stock reserved for future issuance 0 23,203
Conversion of Series E redeemable convertible preferred stock    
Class of Stock    
Common stock reserved for future issuance 0 37,391
Conversion of Series F redeemable convertible preferred stock    
Class of Stock    
Common stock reserved for future issuance 0 9,516
v3.25.4
Stockholders' equity - Warrants (Details)
$ / shares in Units, shares in Millions
 1 Months Ended 12 Months Ended
Feb. 28, 2026
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Apr. 30, 2023
USD ($)
$ / shares
shares
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
Aug. 31, 2023
USD ($)
$ / shares
shares
Class of Stock              
Warrant liability   $ 1,591,000   $ 0 $ 1,591,000    
Cumulative expired warrants (shares)       3,400,000      
Marketing expenses       25,718,000 17,326,000 $ 36,544,000  
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     $ 80,100,000        
Marketing expenses       0 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             $ 43,900,000
Marketing expenses       0 $ 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     2.9    
Warrants exercise price (in dollars per share) | $ / shares   $ 22.71     $ 22.71    
Warrants term (in years)   6 years     6 years    
Warrant performance condition period (in years)   3 years          
Warrant liability   $ 56,100,000     $ 56,100,000    
Distribution and transaction costs for warrants       $ 23,600,000 $ 0    
Class of warrants or right number of warrants vested (in shares) | shares       0.9      
December 2024 Warrants | Class A common stock | Subsequent Event              
Class of Stock              
Warrants issued to purchase shares (in shares) | shares 0.2            
Class of warrants or right number of warrants exercise (in shares) | shares 0.3            
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     0    
December 2024 Warrants | Class A common stock | Volatility              
Class of Stock              
Warrants and rights outstanding, measurement input (as a percent)   0.53     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     0.0443    
v3.25.4
Stockholders' equity - Donations to Circle Foundation (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Nov. 30, 2025
Mar. 31, 2025
Dec. 31, 2025
Class of Stock      
Equity issuance cost     $ 23.1
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  
Re-issuance of treasury stock (in shares) 268,239    
v3.25.4
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
v3.25.4
Redeemable convertible preferred stock - Schedule of Preferred Stocks (Details) - $ / shares
shares in Thousands
Dec. 31, 2025
May 09, 2022
May 17, 2016
Apr. 10, 2015
Feb. 26, 2014
Aug. 22, 2013
Conversion of Series A redeemable convertible preferred stock            
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
Conversion of Series B redeemable convertible preferred stock            
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  
Conversion of Series C redeemable convertible preferred stock            
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    
Conversion of Series D redeemable convertible preferred stock            
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      
Conversion of Series E redeemable convertible preferred stock            
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) 37,391          
Conversion of Series F redeemable convertible preferred stock            
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        
v3.25.4
Stock-based compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jun. 06, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation   $ 566,177 $ 50,134 $ 107,999
Capitalized stock-based compensation expense related to internally developed software $ 62,700 86,900 13,600 $ 13,100
Aggregate intrinsic value of stock options exercised   $ 695,400 $ 29,100  
Weighted-average grant date fair value of options granted (in dollars per share)   $ 78.01    
Share-based payment arrangement, expense $ 423,800      
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   $ 13,600    
Weighted-average period of recognition (in years)   2 years 7 months 6 days    
Restricted Stock Units        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Unrecognized stock-based compensation cost related to outstanding   $ 291,400    
Weighted-average period of recognition (in years)   3 years 1 month 6 days    
Share-based payment arrangement, expense   $ 423,800    
Capitalized costs   62,700    
Awards Associated With Business Combinations        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation   26,400    
Unrecognized stock-based compensation cost related to outstanding   $ 36,900    
Weighted-average period of recognition (in years)   1 year 10 months 24 days    
v3.25.4
Stock-based compensation - Schedule of Valuation Assumptions (Details) - Employee Stock Option
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Risk-free interest rate 3.80%
Expected term (years) 6 years 1 month 6 days
Expected volatility 60.01%
Expected annual dividend 0.00%
v3.25.4
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, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Summary of Outstanding Stock Options Activities        
Options outstanding (in shares) 22,751 22,751 24,453  
Options granted (in shares)   (103) (1,221)  
Options exercised (in shares)   (9,310)    
Options forfeited (in shares)   (94) (481)  
Options outstanding (in shares)   13,450 22,751 24,453
Options exercisable (in shares)   12,719 20,636  
Weighted Average Exercise Price        
Options outstanding, Weighted average exercise price (in dollars per share) $ 8.48 $ 8.48 $ 8.26  
Options granted, Weighted average exercise price (in dollars per share)   131.98    
Options exercised, Weighted average exercise price (in dollars per share)   5.56 1.32  
Options forfeited, Weighted average exercise price (in dollars per share)   20.50 15.34  
Options outstanding, Weighted average exercise price (in dollars per share)   11.36 8.48 $ 8.26
Options exercisable, Weighted average exercise price outstanding (in shares)   $ 9.63 $ 6.91  
Weighted Average Remaining Contractual Term (in years)        
Options outstanding, Weighted average remaining contractual term (in years) 5 years 6 months 4 years 2 months 12 days 5 years 6 months 6 years 6 months
Options exercisable, Weighted average remaining contractual term (in years)   4 years 5 years 3 months 18 days  
Aggregate Intrinsic Value (in thousands)        
Options outstanding, Aggregate intrinsic value (in USD)   $ 919,115 $ 522,900 $ 488,807
Options exercisable, Aggregate intrinsic value (in USD)   $ 886,543 $ 505,237  
v3.25.4
Stock-based compensation - Summary of Restricted Stock Units Activities (Details) - Restricted Stock Units - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Summary of Restricted Stock Units Activities    
Outstanding (in shares) 19,943 10,900
RSUs granted (in shares) 8,066 10,927
RSUs vested (in shares) (12,190) (3)
RSUs forfeited (in shares) (1,108) (1,881)
Outstanding (in shares) 14,711 19,943
Weighted- Average Grant Date Fair Value    
Outstanding, Weighted average grant date fair value (in dollars per share) $ 30.85 $ 34.96
RSUs granted, Weighted average grant date fair value (in dollars per share) 41.04 27.08
RSUs vested, Weighted average grant date fair value (in dollars per share) 32.61 27.81
RSUs forfeited, Weighted average grant date fair value (in dollars per share) 15.88 32.77
Outstanding, Weighted average grant date fair value (in dollars per share) $ 35.16 $ 30.85
v3.25.4
Stock-based compensation - Summary of Shares Issued for Business Combinations Activities (Details) - Business Combinations - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Summary of Shares Issued for Business Combinations Activities    
Outstanding (in shares) 548 2,036
Shares issued (in shares) 1,473  
Shares vested (in shares) (271) (1,445)
Shares forfeited (in shares) (6) (43)
Outstanding (in shares) 1,744 548
Weighted- Average Grant Date Fair Value    
Outstanding, Weighted average grant date fair value (in dollars per share) $ 47.82 $ 47.82
Shares issued, Weighted average grant date fair value (in dollars per share) 31.16  
Shares vested, Weighted average grant date fair value (in dollars per share) 47.82 47.82
Shares forfeited, Weighted average grant date fair value (in dollars per share) 47.82 47.82
Outstanding, Weighted average grant date fair value (in dollars per share) $ 33.75 $ 47.82
v3.25.4
Earnings (loss) per share - Schedule of Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net income (loss) from continuing operations $ (69,518) $ 156,991 $ 271,549
Net loss from discontinued operations 0 (1,324) (3,987)
Net income (loss) attributable to common stockholders (69,518) 155,667 267,562
Less: Net loss attributable to noncontrolling interests (10) 0 0
Net income (loss) (69,508) 155,667 267,562
Less: Dividend preference on preferred shares 0 (91,044) (90,363)
Less; Undistributed earnings allocated to preferred shares 0 (46,514) (132,291)
Net income (loss) available to common stockholders - basic (69,508) 18,109 44,908
Less: Changes in fair value of convertible debt and warrant liability 0 (1,036) (15,264)
Less: Dividend preference on preferred shares 0 (90,363) (90,363)
Less: Undistributed earnings allocated to preferred shares 0 (42,154) (109,037)
Net income (loss) available to common stockholders - diluted $ (69,508) $ 22,114 $ 52,898
Weighted-average common shares – basic (in shares) 158,699 54,413 47,265
Add: Weighted-average effect of dilutive securities (in shares) 0 18,629 20,284
Weighted-average common shares – diluted (in shares) 158,699 73,042 67,549
Earnings (loss) per common share attributable to common stockholders:      
Continuing operations (in dollars per share) $ (0.44) $ 0.33 $ 0.95
Discontinued operations (in dollars per share) 0 0.00 0.00
Basic earnings (loss) per common share (in dollars per share) (0.44) 0.33 0.95
Diluted earnings (loss) per common share attributable to common stockholders:      
Continuing operations (in dollars per share) (0.44) 0.30 0.78
Discontinued operations (in dollars per share) 0 0.00 0.00
Diluted earnings (loss) per common share (in dollars per share) $ (0.44) $ 0.30 $ 0.78
v3.25.4
Earnings (loss) per share - Schedule of Potentially Dilutive Securities (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Total 31,832 139,973 140,264
Redeemable convertible preferred stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Total 0 139,762 139,237
Stock options and RSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Total 28,161 0 0
Common stock in connection with business combinations      
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Total 1,782 211 1,027
Convertible debt      
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Total 465 0 0
Warrants      
Antidilutive Securities Excluded from Computation of Earnings Per Share      
Total 1,424 0 0
v3.25.4
Accumulated other comprehensive income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity      
Beginning balance $ 570,529 $ 339,471 $ (252,101)
Pre-tax change – Foreign currency translation adjustment 10,904 (1,899) 1,460
Pre-tax change – Unrealized (loss) gain on convertible notes – credit risk adjustment (71) 1,095 1,182
Pre-tax change – Unrealized gain (loss) on available-for-sale securities 0 (226) (1,069)
Tax effect 22 (255) 0
Pre tax change - Foreign currency translation adjustment attributable to noncontrolling interest 16 0 0
Ending balance 3,330,773 570,529 339,471
Accumulated other comprehensive income (loss)      
Increase (Decrease) in Stockholders' Equity      
Beginning balance 3,644 4,929 3,356
Ending balance 14,515 3,644 4,929
AOCI Including Portion Attributable to Noncontrolling Interest      
Increase (Decrease) in Stockholders' Equity      
Beginning balance 3,644 4,929  
Ending balance $ 14,499 $ 3,644 $ 4,929
v3.25.4
Prepaid expenses and other current assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Reserve income receivable $ 219,221 $ 138,889
Prepaid expenses 24,243 15,602
Deferred offering costs 0 4,235
Digital financial assets 542 14,328
Income tax receivable 65,060 8,507
Other 12,594 5,967
Prepaid expenses and other current assets $ 321,660 $ 187,528
v3.25.4
Accounts payable and accrued expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accrued distribution costs $ 119,038 $ 83,318
Stablecoin redemptions in transit 80,593 118,074
Accrued expenses 114,272 70,314
Accounts payable 24,733 5,505
Income taxes payable 1,632 678
Other payables 20,341 9,118
Total accounts payable and accrued expenses $ 360,609 $ 287,007
v3.25.4
Commitments and contingencies (Details)
$ in Millions
 1 Months Ended
May 31, 2023
USD ($)
Settlement Agreement  
Gain Contingencies [Line Items]  
Settlement fee $ 7.6
v3.25.4
Summarized financial information of Circle Reserve Fund and Hashnote International Short Duration Yield Fund Ltd. (SDYF) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investment Company, Nonconsolidated Subsidiary [Line Items]      
Total assets $ 78,713,207 $ 45,834,409  
Total liabilities 75,382,434 44,124,115  
Circle Reserve Fund      
Investment Company, Nonconsolidated Subsidiary [Line Items]      
Total assets 69,170,578 30,567,886  
Total liabilities 3,104,864 129,015  
Total investment income 2,228,169 1,460,787 $ 1,173,135
Net increase in net assets resulting from operations 2,183,991 $ 1,437,053 $ 1,151,901
Short Duration Yield Fund      
Investment Company, Nonconsolidated Subsidiary [Line Items]      
Total assets 1,537,818    
Total liabilities 0    
Total investment income 30,648    
Net increase in net assets resulting from operations $ 27,581    
v3.25.4
Subsequent events (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 1 Months Ended
Jan. 31, 2026
Oct. 31, 2025
Sep. 30, 2024
Subsequent Event [Line Items]      
Additional paid-in capital upon conversion   $ 88.8  
First Note | Convertible debt, net of debt discount      
Subsequent Event [Line Items]      
Debt conversion, converted instrument, amount   $ 11.0 $ 8.5
Debt conversion, converted instrument, shares (in shares)   675 524
Debt conversion, converted instrument, per share (in dollars per share)   $ 16.23  
Subsequent Event      
Subsequent Event [Line Items]      
Additional paid-in capital upon conversion $ 39.4    
Subsequent Event | First Note | Convertible debt, net of debt discount      
Subsequent Event [Line Items]      
Debt conversion, converted instrument, amount $ 7.5    
Debt conversion, converted instrument, shares (in shares) 465    
Debt conversion, converted instrument, per share (in dollars per share) $ 16.23