CIRCLE INTERNET GROUP, INC., S-1 filed on 8/12/2025
Securities Registration Statement
v3.25.2
Cover Page
 6 Months Ended
Jun. 30, 2025
Document Information [Line Items]  
Document Type S-1
Entity Registrant Name CIRCLE INTERNET GROUP, INC.
Amendment Flag false
Entity Central Index Key 0001876042
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 99-2840247
Entity Filer Category Non-accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
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
Entity Primary SIC Number 6199
Business Contact [Member]  
Document Information [Line Items]  
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
Contact Personnel Name Jeremy Allaire
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Current assets:      
Cash and cash equivalents $ 1,118,119 $ 750,981 $ 368,623
Cash and cash equivalents segregated for corporate-held stablecoins 588,271 294,493 275,809
Cash and cash equivalents segregated for the benefit of stablecoin holders 61,365,920 43,918,572 24,346,152
Available-for-sale debt securities, at fair value   0 152,183
Accounts receivable, net 13,215 6,418 1,940
Stablecoins receivable, net 0 6,957 22,559
Prepaid expenses and other current assets 216,604 187,528 146,645
Total current assets 63,302,129 45,164,949 25,313,911
Non-current assets:      
Restricted cash 3,210 3,558 3,575
Available-for-sale debt securities, at fair value   0 87,940
Investments 83,794 84,114 75,874
Fixed assets, net 23,804 18,682 2,619
Digital assets 35,113 31,330 11,339
Goodwill 266,384 169,544 169,544
Intangible assets, net 396,969 331,394 327,381
Deferred tax assets, net 17,472 10,223 0
Other non-current assets 24,633 20,615 4,400
Total assets 64,153,508 45,834,409 25,996,583
Current liabilities:      
Accounts payable and accrued expenses 411,560 287,007 152,586
Obligations to return digital asset collateral   570 4,662
Deposits from stablecoin holders 61,101,523 43,727,363 24,276,065
Convertible debt, net of debt discount 206,140 0  
Other current liabilities 11,211 16,597 4,225
Total current liabilities 61,730,434 44,030,967 24,437,538
Non-current liabilities:      
Convertible debt, net of debt discount 0 40,717 58,487
Deferred tax liabilities, net 31,812 29,559 19,616
Warrant Liability 0 1,591 1,642
Other non-current liabilities 20,431 21,281 8,569
Total non-current liabilities 52,243 93,148 88,314
Total liabilities 61,782,677 44,124,115 24,525,852
Commitments and contingencies
Redeemable convertible preferred stock      
Redeemable convertible preferred stock 0 1,139,765  
Stockholders' equity      
Treasury stock at cost (2,877) (2,877) (2,877)
Additional paid-in capital 3,998,827 1,792,969 1,723,020
Accumulated deficit (1,640,510) (1,223,213) (1,385,607)
Accumulated other comprehensive income 15,366 3,644 4,929
Total stockholders' equity 2,370,831 570,529 339,471
Total liabilities, redeemable convertible preferred stock and stockholders' equity 64,153,508 45,834,409 25,996,583
Previously Reported [Member]      
Current liabilities:      
Other current liabilities   16,027  
Common Class A [Member]      
Stockholders' equity      
Common Stock 23 6 6
Common Class B [Member]      
Stockholders' equity      
Common Stock 2 0  
Common Class C [Member]      
Stockholders' equity      
Common Stock $ 0 0  
Series A Redeemable Convertible Preferred Stock [Member]      
Redeemable convertible preferred stock      
Redeemable convertible preferred stock   9,000 9,000
Series B Redeemable Convertible Preferred Stock [Member]      
Redeemable convertible preferred stock      
Redeemable convertible preferred stock   17,000 17,000
Series C Redeemable Convertible Preferred Stock [Member]      
Redeemable convertible preferred stock      
Redeemable convertible preferred stock   40,050 40,050
Series D Redeemable Convertible Preferred Stock [Member]      
Redeemable convertible preferred stock      
Redeemable convertible preferred stock   64,152 64,152
Series E Redeemable Convertible Preferred Stock [Member]      
Redeemable convertible preferred stock      
Redeemable convertible preferred stock   608,564 600,059
Series F Redeemable Convertible Preferred Stock [Member]      
Redeemable convertible preferred stock      
Redeemable convertible preferred stock   $ 400,999 $ 400,999
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Preferred Stock, Liquidation Preference, Value $ 1,100,000    
Treasury Stock, Shares 5,000,000 4,960,000 4,960,000
Common Class A [Member]      
Common Stock, Par Value $ 0.0001 $ 0.0001 $ 0.0001
Common Stock, Shares Authorized 2,500,000,000 300,000,000 262,500,000
Common Stock, Shares, Issued 209,000,000 56,353,000 53,685,000
Common Stock, Shares, Outstanding 209,000,000 56,353,000 53,685,000
Common Class B [Member]      
Common Stock, Par Value $ 0.0001 $ 0.0001  
Common Stock, Shares Authorized 500,000,000 0  
Common Stock, Shares, Issued 19,600,000 0  
Common Stock, Shares, Outstanding 19,600,000 0  
Common Class C [Member]      
Common Stock, Par Value $ 0.0001 $ 0.0001  
Common Stock, Shares Authorized 500,000,000 0  
Common Stock, Shares, Issued 0 0  
Redeemable Convertible Preferred Stock [Member]      
Preferred Stock, Par Value $ 0.0001 $ 0.0001  
Preferred Stock, Shares Issued 0 139,800,000  
Preferred Stock, Shares Outstanding 0 139,800,000  
Preferred Stock, Liquidation Preference, Value $ 0 $ 1,100,000  
Series A Redeemable Convertible Preferred Stock [Member]      
Preferred Stock, Par Value   $ 0.0001 $ 0.0001
Preferred Stock, Shares Issued 33,621,000 33,621,000  
Preferred Stock, Shares Outstanding 33,621,000 33,621,000  
Preferred Stock, Liquidation Preference, Value   $ 9,078 $ 9,078
Series B Redeemable Convertible Preferred Stock [Member]      
Preferred Stock, Par Value   $ 0.0001 $ 0.0001
Preferred Stock, Shares Issued 17,586,000 17,586,000  
Preferred Stock, Shares Outstanding 17,586,000 17,586,000  
Preferred Stock, Liquidation Preference, Value   $ 17,059 $ 17,059
Series C Redeemable Convertible Preferred Stock [Member]      
Preferred Stock, Par Value   $ 0.0001 $ 0.0001
Preferred Stock, Shares Issued 18,445,000 18,445,000  
Preferred Stock, Shares Outstanding 18,445,000 18,445,000  
Preferred Stock, Liquidation Preference, Value   $ 40,027 $ 40,027
Common Stock, Shares, Outstanding 0 0  
Series D Redeemable Convertible Preferred Stock [Member]      
Preferred Stock, Par Value   $ 0.0001 $ 0.0001
Preferred Stock, Shares Issued 23,203,000 23,203,000  
Preferred Stock, Shares Outstanding 23,203,000 23,203,000  
Preferred Stock, Liquidation Preference, Value   $ 64,039 $ 64,039
Series E Redeemable Convertible Preferred Stock [Member]      
Preferred Stock, Par Value   $ 0.0001 $ 0.0001
Preferred Stock, Shares Issued   37,391,000 36,867,000
Preferred Stock, Shares Outstanding   37,391,000 36,867,000
Preferred Stock, Liquidation Preference, Value   $ 606,850 $ 598,345
Series F Redeemable Convertible Preferred Stock [Member]      
Preferred Stock, Par Value   $ 0.0001 $ 0.0001
Preferred Stock, Shares Issued 9,516,000 9,516,000  
Preferred Stock, Shares Outstanding 9,516,000 9,516,000  
Preferred Stock, Liquidation Preference, Value   $ 400,999 $ 400,999
v3.25.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue and reserve income              
Reserve income $ 634,274 $ 423,263 $ 1,192,185 $ 782,902 $ 1,661,084 $ 1,430,606 $ 735,885
Other revenue 23,804 6,767 44,466 12,222 15,169 19,860 36,167
Total revenue and reserve income 658,078 430,030 1,236,651 795,124 1,676,253 1,450,466 772,052
Distribution, transaction and other costs              
Distribution and transaction costs 406,472 246,901 753,784 449,643 1,010,811 719,806 286,953
Other costs 470 1,476 805 5,471 6,553 7,918 22,401
Total distribution, transaction and other costs 406,942 248,377 754,589 455,114 1,017,364 727,724 309,354
Operating expenses              
Compensation expenses 503,392 67,604 579,012 128,753 263,410 296,055 212,961
General and administrative expenses 43,140 35,729 73,824 66,246 137,283 100,128 82,272
Depreciation and amortization expenses 14,209 12,632 28,089 24,225 50,854 34,887 13,277
IT infrastructure costs 8,760 6,875 16,432 13,209 27,109 20,722 11,835
Marketing expenses 7,910 5,638 11,770 6,456 17,326 36,544 78,839
Gain on sale of intangible assets         0 (21,634) 0
Merger termination expenses         0 0 44,194
Digital assets (gains) losses (693) 2,929 5,577 (1,444) (4,251) (13,488) 57,436
Total operating expenses 576,718 131,407 714,704 237,445 491,731 453,214 500,814
Operating income (loss) from continuing operations (325,582) 50,246 (232,642) 102,565 167,158 269,528 (38,116)
Other (expense) income, net (160,421) 1,921 (163,524) 22,478 54,416 49,421 (720,393)
Net income (loss) from continuing operations before income taxes (486,003) 52,167 (396,166) 125,043 221,574 318,949 (758,509)
Income tax (benefit) expense (3,903) 19,244 21,143 43,481 64,583 47,400 3,263
Net income (loss) from continuing operations (482,100) 32,923 (417,309) 81,562 156,991 271,549 (761,772)
Net loss from discontinued operations         (1,324) (3,987) (7,075)
Net income (loss) $ (482,100) $ 32,923 $ (417,309) $ 81,562 $ 155,667 $ 267,562 $ (768,847)
Earnings (loss) per share              
Continuing operations, Basic         $ 0.33 $ 0.95 $ (16.33)
Discontinued operations, Basic         0 0 (0.15)
Earnings (loss) per share attributable to common stockholders, Basic $ (4.48) $ 0 $ (5.04) $ 0 0.33 0.95 (16.48)
Continuing operations, Diluted         0.3 0.78 (16.33)
Discontinued operations, Diluted         0 0 (0.15)
Earnings (loss) per share attributable to common stockholders, Diluted $ (4.48) $ 0 $ (5.04) $ 0 $ 0.3 $ 0.78 $ (16.48)
Weighted-average shares used in computing earnings (loss) per share attributable to common stockholders, Basic 107,514 54,396 82,877 54,186 54,413 47,265 46,663
Weighted-average shares used in computing earnings (loss) per share attributable to common stockholders, Diluted 107,514 70,416 82,877 72,976 73,042 67,549 46,663
v3.25.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net income (loss) $ (482,100) $ 32,923 $ (417,309) $ 81,562 $ 155,667 $ 267,562 $ (768,847)
Other comprehensive income (loss):              
Foreign currency translation adjustment, net of tax 9,984 (378) 11,793 (608) (1,899) 1,460 625
Unrealized gain (loss) on available-for-sale debt securities, net of tax 0 (55) 0 (233) (226) (1,069) 1,175
Unrealized gain (loss) on convertible notes – credit risk, net of tax 13 (273) (71) 91 840 1,182 (3,155)
Total other comprehensive income (loss), net of tax 9,997 (706) 11,722 (750) (1,285) 1,573 (1,355)
Comprehensive income (loss) $ (472,103) $ 32,217 $ (405,587) $ 80,812 $ 154,382 $ 269,135 $ (770,202)
v3.25.2
Condensed Consolidated Statements of Changes In Redeemable Convertible Preferred Stock And Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Preferred Stock Series E Redeemable Convertible [Member]
Preferred Stock Series F Redeemable Convertible [Member]
Redeemable convertible preferred stock [Member]
Temporary Equity [Member]
Preferred Stock Series A Redeemable Convertible [Member]
Temporary Equity [Member]
Preferred Stock Series B Redeemable Convertible [Member]
Temporary Equity [Member]
Preferred Stock Series C Redeemable Convertible [Member]
Temporary Equity [Member]
Preferred Stock Series D Redeemable Convertible [Member]
Temporary Equity [Member]
Preferred Stock Series E Redeemable Convertible [Member]
Temporary Equity [Member]
Preferred Stock Series F Redeemable Convertible [Member]
Temporary Equity [Member]
Redeemable convertible preferred stock [Member]
Common Stock [Member]
Class A common stock [Member]
Common Stock [Member]
Class B common stock [Member]
Treasury stock [Member]
Additional paid-in capital [Member]
Accumulated deficit [Member]
Accumulated other comprehensive income (loss) [Member]
Beginning balance, Shares at Dec. 31, 2021         33,621 17,586 18,445 23,203 9,077     45,265   4,960      
Beginning balance at Dec. 31, 2021 $ (768,408)       $ 9,000 $ 17,000 $ 40,050 $ 64,152 $ 149,024   $ 279,226 $ 5   $ (2,877) $ 113,103 $ (883,350) $ 4,711
Issuance of common stock upon exercise of stock options (Shares)                       510          
Issuance of common stock upon exercise of stock options 486                           486    
Issuance of common stock in connection with business combination (Shares)                       2,219          
Issuance of common stock in connection with business combination 120,961                           120,961    
Issuance of common stock in connection with merger termination costs (Shares)                       397          
Issuance of common stock in connection with merger termination costs 15,520                           15,520    
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs (Shares)   27,790 9,516                            
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs 1,074,014 $ 451,035 $ 400,999 $ 852,034                     1,074,014    
Stock-based compensation 75,528                           75,528    
Other comprehensive income (loss), net of tax (1,355)                               (1,355)
Net income (loss) (768,847)                             (768,847)  
Ending balance, Shares at Dec. 31, 2022         33,621 17,586 18,445 23,203 36,867 9,516   48,391   4,960      
Ending balance at Dec. 31, 2022 (252,101)       $ 9,000 $ 17,000 $ 40,050 $ 64,152 $ 600,059 $ 400,999 $ 1,131,260 $ 5   $ (2,877) 1,399,612 (1,652,197) 3,356
Adoption of new accounting standards $ (972)                             (972)  
Issuance of common stock upon exercise of stock options (Shares) 990                                
Issuance of common stock in connection with business combination (Shares)                       8,367          
Issuance of common stock in connection with business combination $ 209,939                           209,938    
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs (Shares)                       990          
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs 1,037                           1,037    
Vesting and issuance of common shares in connection with business combinations                       1,246          
Stock-based compensation 121,178                           121,178    
Other comprehensive income (loss), net of tax 1,573                               1,573
Cancellation of treasury stock, net (Shares)                       (349)          
Cancellation of treasury stock, net (8,745)                           (8,745)    
Net income (loss) $ 267,562                             267,562  
Ending balance, Shares at Dec. 31, 2023 4,960       33,621 17,586 18,445 23,203 36,867 9,516 139,238 58,645   4,960      
Ending balance at Dec. 31, 2023 $ 339,471       $ 9,000 $ 17,000 $ 40,050 $ 64,152 $ 600,059 $ 400,999 $ 1,131,260 $ 6   $ (2,877) 1,723,020 (1,385,607) 4,929
Adoption of new accounting standards 6,934                             6,934  
Issuance of common stock upon exercise of stock options (Shares)                       463          
Issuance of common stock upon exercise of stock options 355                           355    
Issuance of common stock in connection with business combination (Shares)                       1,444          
Stock-based compensation 12,808                           12,808    
Other comprehensive income (loss), net of tax (44)                               (44)
Net income (loss) 48,639                             48,639  
Ending balance, Shares at Mar. 31, 2024                     139,238 60,552   4,960      
Ending balance at Mar. 31, 2024 $ 408,163                   $ 1,131,260 $ 6   $ (2,877) 1,736,183 (1,330,034) 4,885
Beginning balance, Shares at Dec. 31, 2023 4,960       33,621 17,586 18,445 23,203 36,867 9,516 139,238 58,645   4,960      
Beginning balance at Dec. 31, 2023 $ 339,471       $ 9,000 $ 17,000 $ 40,050 $ 64,152 $ 600,059 $ 400,999 $ 1,131,260 $ 6   $ (2,877) 1,723,020 (1,385,607) 4,929
Net income (loss) 81,562                                
Ending balance, Shares at Jun. 30, 2024                     139,238 60,811   4,960      
Ending balance at Jun. 30, 2024 $ 460,859                   $ 1,131,260 $ 6   $ (2,877) 1,756,662 (1,297,111) 4,179
Beginning balance, Shares at Dec. 31, 2023 4,960       33,621 17,586 18,445 23,203 36,867 9,516 139,238 58,645   4,960      
Beginning balance at Dec. 31, 2023 $ 339,471       $ 9,000 $ 17,000 $ 40,050 $ 64,152 $ 600,059 $ 400,999 $ 1,131,260 $ 6   $ (2,877) 1,723,020 (1,385,607) 4,929
Adoption of new accounting standards $ 6,727                             6,727  
Issuance of common stock upon exercise of stock options (Shares) 1,221                     1,221          
Issuance of common stock upon exercise of stock options $ 1,614                           1,614    
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs (Shares)   524                              
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs 4,692 $ 8,505   $ 8,505                     4,692    
Vesting of restricted stock units and common stock in connection with business combinations                       1,447          
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  
Ending balance, Shares at Dec. 31, 2024 4,960       33,621 17,586 18,445 23,203 37,391 9,516 139,762 61,313   4,960      
Ending balance at Dec. 31, 2024 $ 570,529       $ 9,000 $ 17,000 $ 40,050 $ 64,152 $ 608,564 $ 400,999 $ 1,139,765 $ 6   $ (2,877) 1,792,969 (1,223,213) 3,644
Beginning balance, Shares at Mar. 31, 2024                     139,238 60,552   4,960      
Beginning balance at Mar. 31, 2024 408,163                   $ 1,131,260 $ 6   $ (2,877) 1,736,183 (1,330,034) 4,885
Issuance of common stock upon exercise of stock options (Shares)                       259          
Issuance of common stock upon exercise of stock options 273                           273    
Stock-based compensation 20,206                           20,206    
Other comprehensive income (loss), net of tax (706)                               (706)
Net income (loss) 32,923                             32,923  
Ending balance, Shares at Jun. 30, 2024                     139,238 60,811   4,960      
Ending balance at Jun. 30, 2024 $ 460,859                   $ 1,131,260 $ 6   $ (2,877) 1,756,662 (1,297,111) 4,179
Beginning balance, Shares at Dec. 31, 2024 4,960       33,621 17,586 18,445 23,203 37,391 9,516 139,762 61,313   4,960      
Beginning balance at Dec. 31, 2024 $ 570,529       $ 9,000 $ 17,000 $ 40,050 $ 64,152 $ 608,564 $ 400,999 $ 1,139,765 $ 6   $ (2,877) 1,792,969 (1,223,213) 3,644
Issuance of common stock upon exercise of stock options (Shares)                       1,009          
Issuance of common stock upon exercise of stock options 642                           642    
Issuance of common stock and preferred stock upon exercise of warrants (Shares)                     45 1,130          
Issuance of common stock and preferred stock upon exercise of warrants 854                   $ 737       854    
Issuance of common stock in connection with business combination (Shares)                       3,857          
Issuance of common stock in connection with business combination 89,919                           89,919    
Warrants in common stock 1,064                           1,064    
Vesting of restricted stock units and common stock in connection with business combinations                       1          
Stock-based compensation 15,440                           15,440    
Other comprehensive income (loss), net of tax 1,725                               1,725
Net income (loss) 64,791                             64,791  
Other 12                             12  
Ending balance, Shares at Mar. 31, 2025                     139,807 67,310   4,960      
Ending balance at Mar. 31, 2025 $ 744,976                   $ 1,140,502 $ 6   $ (2,877) 1,900,888 (1,158,410) 5,369
Beginning balance, Shares at Dec. 31, 2024 4,960       33,621 17,586 18,445 23,203 37,391 9,516 139,762 61,313   4,960      
Beginning balance at Dec. 31, 2024 $ 570,529       $ 9,000 $ 17,000 $ 40,050 $ 64,152 $ 608,564 $ 400,999 $ 1,139,765 $ 6   $ (2,877) 1,792,969 (1,223,213) 3,644
Issuance of common stock upon exercise of stock options (Shares) 1,955                                
Net income (loss) $ (417,309)                                
Ending balance, Shares at Jun. 30, 2025 5,000                   0 213,914 19,580 4,960      
Ending balance at Jun. 30, 2025 $ 2,370,831                   $ 0 $ 23 $ 2 $ (2,877) 3,998,827 (1,640,510) 15,366
Beginning balance, Shares at Mar. 31, 2025                     139,807 67,310   4,960      
Beginning balance at Mar. 31, 2025 744,976                   $ 1,140,502 $ 6   $ (2,877) 1,900,888 (1,158,410) 5,369
Issuance of common stock upon exercise of stock options (Shares)                       946          
Issuance of common stock upon exercise of stock options 6,157                           6,157    
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs (Shares)                       19,900          
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs 570,129                     $ 2     570,127    
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (Shares)                       5,518          
Issuance of common stock upon settlement of restricted stock units, net of shares withheld 362,191                           362,191    
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (Shares)                     (139,807) 139,807          
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering 1,140,502                   $ (1,140,502) $ 14     1,140,488    
Conversion of Class A common stock to Class B common stock in connection with initial public offering (Shares)                       (19,580) 19,580        
Conversion of Class A common stock to Class B common stock in connection with initial public offering                       $ (2) $ 2        
Warrants in common stock 4,501                           4,501    
Vesting of restricted stock units and common stock in connection with business combinations                       13          
Stock-based compensation 14,474                           14,474    
Other comprehensive income (loss), net of tax 9,997                               9,997
Net income (loss) (482,100)                             (482,100)  
Other $ 4                     $ 3     1    
Ending balance, Shares at Jun. 30, 2025 5,000                   0 213,914 19,580 4,960      
Ending balance at Jun. 30, 2025 $ 2,370,831                   $ 0 $ 23 $ 2 $ (2,877) $ 3,998,827 $ (1,640,510) $ 15,366
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities          
Net income (loss) $ (417,309) $ 81,562 $ 155,667 $ 267,562 $ (768,847)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation and amortization expense 28,089 24,225 50,854 34,887 13,277
Accretion of premium on available-for-sale debt securities   (1,887) (2,268) (7,738) (353,422)
Realized and unrealized losses (gains) on digital assets 7,189 (2,308) (12,878) (13,010) 269,277
Change in fair value of convertible debt, warrant liability, and embedded derivatives 170,106 (1,880) (10,024) (25,343) 486,938
Digital assets received for services (9,416)   (1,500) (4,476) (7,235)
Equity securities received for services (3,826)        
Deferred taxes (5,751) (2,235) (2,806) (32,893) (786)
Realized and unrealized losses (gains) on available-for-sale debt securities and strategic investments 1,416 (3,636) (434) 1,749 26,877
Gain on sale of long-lived assets     73 (21,521)  
Shares issued for merger termination         15,520
Stock-based compensation 447,682 26,229 50,134 107,999 69,266
Foreign currency remeasurement 8,763 45      
Provision for warrants in common stock 5,565        
Other non-cash items 2,306 1,323 322 4,811 5,547
Changes in operating assets and liabilities:          
Accounts receivable (8,635) 1,341 (4,569) 2,244 18,735
Prepaid expenses and other current assets (42,104) 7 (21,764) (51,161) (77,571)
Accounts payable and accrued expenses 123,981 4,502 132,878 (123,833) 227,300
Other current liabilities (4,340) (2,333) 10,891 291 2,431
Net cash provided by operating activities 303,716 124,955 344,576 139,568 (72,693)
Cash flows from investing activities          
Proceeds from sale of discontinued business         1,000
Purchase of available-for-sale debt securities   (99,313) (99,313) (311,639) (102,850,973)
Sale and maturities of available-for-sale securities   168,942 341,561 8,827,550 94,442,236
Business combinations, net of cash acquired (7,734)       (43,456)
Cash acquired from acquisition of equity method affiliate       1,629  
Sale and return of investments 194 447 739 1,107  
Purchase of investments (6,370) (1,063) (4,265) (2,661) (16,032)
Proceeds from sale of digital assets 79 4,465 4,805 27,301  
Capitalization of software development costs (24,858) (17,906) (39,098) (32,862) (18,315)
Purchase of long-lived assets (7,419) (3,351) (18,128) (654) (3,050)
Net cash (used in) provided by investing activities (46,108) 52,221 186,301 8,509,771 (8,488,590)
Cash flows from financing activities          
Net changes in deposits held for stablecoin holders 17,339,497 7,631,639 19,452,147 (20,322,155) 2,176,756
Purchase of treasury stock       (8,745)  
Proceeds from issuance of preferred stock         400,999
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs 572,558        
Payment of withholding taxes on settlement of restricted stock units (121,794)        
Capitalized transaction costs   (268) (3,870)    
Proceeds from exercise of stock options 6,800 629 1,614 1,037 486
Net cash provided by financing activities 17,797,061 7,632,000 19,449,891 (20,329,863) 2,578,241
Effect of exchange rate changes on cash and cash equivalents, restricted and segregated cash 53,247 (2,234) (7,099) 1,097 3,620
Unrealized gains (losses) on available-for-sale debt securities classified as cash equivalents, net of tax   (1) (224) (254) 136
Net increase (decrease) in cash and cash equivalents, restricted and segregated cash 18,107,916 7,806,941 19,973,445 (11,679,681) (5,979,286)
Cash and cash equivalents, restricted and segregated cash at the beginning of the period 44,967,604 24,994,159 24,994,159 36,673,840 42,653,126
Cash and cash equivalents, restricted and segregated cash at the end of the period 63,075,520 32,801,100 44,967,604 24,994,159 36,673,840
Cash and cash equivalents, restricted and segregated cash consisted of the following:          
Cash and cash equivalents 1,118,119 457,457 750,981 368,623 664,650
Restricted Cash 3,210 3,596 3,558 3,575 15,914
Cash and cash equivalents segregated for corporate-held stablecoins 588,271 348,874 294,493 275,809 5,311
Cash and cash equivalents segregated for the benefit of stablecoin holders 61,365,920 31,991,173 43,918,572 24,346,152 35,987,965
Total cash and cash equivalents, restricted and segregated cash 63,075,520 32,801,100 44,967,604 24,994,159 36,673,840
Supplemental disclosure of cash flow information          
Obligations to return digital asset collateral   (1,905) (2,700) (7,053) (211,594)
Cash paid for income taxes 13,525 26,678 75,579 81,037 7,424
Cash paid for interest 180 271 258 253 350
Digital assets collateral received   1,905 1,905 7,053 (185,830)
Net changes in the purchase and redemption of digital financial assets (13,820) 15,567 14,328    
Proceeds from Sale of Intangible Assets       21,634  
Stablecoins repaid     16,513 16,459 (154,837)
Stablecoins receivable       (23,397) 138,821
Non-cash consideration for asset acquisition       (209,938)  
Non-cash purchase of investments and digital assets (379) (5,650) (6,570) (8,937) (20,497)
Capitalized stock-based compensation expense related to internally developed software 68,348 6,944 13,646 13,118 6,262
Purchases of property, plant and equipment included in accounts payable and accrued expenses (1,270)   2,874    
Unrealized gain (loss) on available-for-sale debt securities   (233) (224) (815) 1,039
Unrealized gain (loss) on convertible notes—credit risk, net of tax (71) 91 $ 840 $ 1,182 (3,155)
Non-cash consideration for business combinations 89,919       (141,618)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering 1,140,502        
Deferred offering costs not yet paid 2,794        
Right-of-use assets recognized on adoption of ASU 2016-02         3,273
Repayment of loans payable         (25,000)
Non-cash interest payments         $ (6,061)
Receipt of stablecoins receivable $ 7,000 $ 6,513      
v3.25.2
Description of Business
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Description of Business
1.
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 unaudited condensed 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”).
Founded in 2013, Circle is a platform, network, and market infrastructure for stablecoin and blockchain applications and the issuer of a U.S. dollar-denominated stablecoin, USDC and a euro-denominated stablecoin, EURC (collectively “Circle stablecoins”). Circle provides a stablecoin network and a range of blockchain-specific software infrastructure. This infrastructure abstracts away complexity of using blockchain networks and enhances the utility of Circle stablecoins.
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.
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 their related entities 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 June 30, 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 common shares,
4.0
 million of which were withheld for tax withholding requirements.
 
1. 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 (together, “Circle,” the “Company,” “we,” “us,” or “our”).
Founded in 2013, Circle is a platform, network, and market infrastructure for stablecoin and blockchain applications and the issuer of a U.S. dollar-denominated stablecoin, USDC and a euro-denominated stablecoin, EURC (collectively “Circle stablecoins”). Circle provides a stablecoin network and a range of blockchain-specific software infrastructure. This infrastructure abstracts away complexity of using blockchain networks and enhances the utility of Circle stablecoins.
v3.25.2
Summary of significant accounting policies
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Summary of significant accounting policies
2.
Summary of significant accounting policies
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”) and the applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted. Accordingly, the unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our final prospectus, dated June 5, 2025, filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Prospectus”) in connection with our IPO.
There have been no changes to our significant accounting policies described in the audited consolidated financial statements as of and for the year ended December 31, 2024 included in our Prospectus that have had a material impact on our consolidated financial statements and accompanying notes. All intercompany balance and transactions have been eliminated on consolidation.
Reclassifications
Certain prior period amounts have been reclassified in order to conform with the current period presentation. The impact of these reclassifications is immaterial to the presentation of the unaudited condensed consolidated financial statements taken as a whole and had no impact on previously reported total assets, total liabilities and net income.
Use of Estimates
The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and disclosures in the accompanying notes.
Significant estimates that are particularly susceptible to significant change relate to the fair value of stock-based awards issued prior to the IPO, the fair value of convertible debt, the fair value of derivatives and embedded derivatives, the fair value of investments under measurement alternative, the assessment of the amount and likelihood of adverse outcomes from claims and disputes, the valuation of intangible assets acquired in business combinations, including goodwill and acquisition-date deferred taxes, 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 results could differ from these estimates and any such differences may be material to the financial statements. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and in management’s opinion, reflect all adjustments, consisting only of normal, recurring adjustments, that are necessary for the fair presentation but are not necessarily indicative of the results expected for the full year or any other period.
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 subsidiary holds 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 the Company’s subsidiary, which owns all outstanding shares of the Fund.
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 June 30, 2025 and December 31, 2024, balances held in the Fund included in
Cash and cash equivalents segregated for the benefit of stablecoin holders
were $
53.2
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 is included in
Prepaid expenses and other current assets
on the unaudited Condensed Consolidated Balance Sheets and dividend income is included in
Reserve income
in the unaudited Condensed Consolidated Statements of Operations.
Digital Assets
The Company receives, purchases, utilizes, and sells digital assets in the ordinary course of business and holds certain digital assets as investments.
Digital assets are measured at fair value based on quoted market prices in active markets. Changes in fair value of digital assets held in the ordinary course of business are recognized in
Digital assets (gains) losses
in the unaudited Condensed Consolidated Statements of Operations. Changes in fair value of digital assets held as investments are recognized in
Other (expense) income, net
in the unaudited Condensed Consolidated Statements of Operations
.
Gains and losses upon sale of digital assets are measured as the difference between the cash proceeds and the carrying basis of the digital assets as determined on a first-in, first-out (“FIFO”) basis for each pool of digital assets. These realized gains and losses on digital assets held in the ordinary course of business are recorded to
Digital assets (gains) losses,
and realized gains and losses on digital assets held as investments are recorded to
Other (expense) income, net
.
Deposits from Stablecoin Holders
Funds received from customers from the issuance of Circle stablecoins represent claims which are reflected as a liability classified as Deposits from stablecoin holders on the unaudited Condensed Consolidated Balance Sheets. As a licensed money transmitter and regulated Electronic Money Institution, Circle is obligated to redeem all Circle stablecoins presented by Circle Mint customers on a one for one basis for U.S. dollars or euros, as applicable, except in limited circumstances, such as when prohibited by law or court order or instances where fraud is suspected. As such, the Company does not have an unconditional right to deny Circle stablecoin redemption requests from Circle Mint customers. With the exception of general stablecoin holders subject to specific regulatory requirements such as those in the European Union, the Company does not redeem Circle stablecoins from stablecoin holders who are not Circle Mint customers. However, Circle stablecoins are supported by numerous global digital asset exchanges and marketplaces, including neo-banks, brokerages, payment providers, remittance providers, superapps and commerce companies, and as such, Circle stablecoin
 
holders could transact with Circle Mint customers, ultimately allowing the Circle stablecoins to be redeemed. Deposits from stablecoin holders do not include amounts associated with corporate-held stablecoins. Cash associated with such corporate-held stablecoins are presented as Cash and cash equivalents segregated for corporate-held stablecoins on the unaudited Condensed Consolidated Balance Sheets. When the Company makes payments in the form of corporate-held stablecoins, the Company records an associated Deposits from stablecoin holders and records the cash associated with such stablecoins as Cash and cash equivalents segregated for the benefit of stablecoin holders. When such payments, in the form of corporate-held stablecoins, are for distribution, transaction and other costs or operating expenses incurred, the payments are presented in the unaudited Condensed Consolidated Statements of Cash Flows in the same manner as if such payments were settled in cash.
As of June 30, 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.
Recently Adopted Accounting Pronouncements
In December 2023, the 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 ending December 31, 2025. The adoption will only impact annual disclosures.
Recently Issued Accounting Pronouncements
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.
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.
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 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 in the accompanying notes including, but not limited to, estimates and assumptions related to fair value estimates, share-based payment awards, contingent liabilities, and the valuation of intangible assets acquired in business combinations. These estimates are based on historical experience and various other assumptions which we believe to be reasonable under the circumstances. Actual amounts or results could materially differ from these estimates. All intercompany balance and transactions have been eliminated on consolidation.
Reclassifications
Certain prior period amounts have been reclassified in order to conform with the current period presentation. These reclassifications have no impact on the consolidated financial statements.
Use of Estimates
The preparation of consolidated financial statements 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, the fair value of certain non-current liabilities, 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, and the valuation of intangible assets acquired in business combinations, including goodwill and deferred 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 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.
Available-for-Sale Securities
The Company holds debt securities classified as available-for-sale securities which are recorded at fair value. Any unrealized holding gains or losses on available-for-sale debt securities are reported as accumulated other comprehensive gain or loss, which is a separate component of stockholders’ equity, net of tax, until realized. Beginning January 1, 2023, available-for-sale debt securities are analyzed for credit losses in accordance with ASU 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) (“ASU 2016-13”) which requires the Company to determine whether declines in fair value are credit related. Any such credit-related decline in fair value is recorded to a credit loss allowance. We classify our available-for-sale securities as current or non-current based on each instrument’s underlying effective maturity date and for which we have the intent and ability to hold the investment for a period of greater than 12 months. Available-for-sale securities with maturities of less than 12 months are classified as current in the Consolidated Balance Sheets. Available-for-sale securities with maturities greater than 12 months for which we have the intent and ability to hold the investment for greater than 12 months are classified as non-current in the Consolidated Balance Sheets. As of December 31, 2024, all available-for-sale securities matured or were sold.
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. Beginning in November 2022, one of the Company’s subsidiaries held investments in the Circle Reserve Fund (the “Fund”). The Fund is managed by BlackRock Advisors, LLC, and 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 the Company’s subsidiary, which owns all outstanding shares of the Fund.
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, 2024 and December 31, 2023, balances held in the Fund included in
Cash and cash equivalents segregated for the benefit of stablecoin holders
were $37,514.3 million and $22,238.0 million, 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 is 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 credit losses and, beginning January 1, 2023, current expected credit losses in accordance with ASU 2016-13,
Financial Instruments—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. In general, the Company holds digital assets, other than stablecoins it issues and as investments, to pay blockchain gas fees, as payment for certain services and as collateral held in connection with Circle stablecoin lending services.
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. Fair value measurements for digital assets are based on quoted market prices in active markets. Changes in fair value of digital assets held in the ordinary course of business are recognized in
Digital assets (gains) losses and impairment
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 (gains) losses and impairment,
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 are reflected within
Digital assets (gains) losses and impairment
in the Consolidated Statements of Operations.
Digital Assets related to Lending Services
The Company enters into Circle stablecoin lending arrangements. Loan fee income earned from lending activities are calculated using the effective interest method and are included in
Other revenue
, in the Consolidated Statements of Operations. In connection with Circle stablecoins lent to its borrowers, the Company recognizes
Stablecoins receivable, net
on the Consolidated Balance Sheets. Stablecoins receivable are recorded
 
at amortized cost, net of any allowance for credit losses, if applicable. An impairment is recognized if it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the agreement.
In connection with certain lending, the Company may receive Bitcoin as collateral into its custody account, which is included in
Digital assets
on the Consolidated Balance Sheets. Refer to Digital Assets above and
Derivative Contracts, including Embedded Derivatives
below for further information.
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 are 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
corporate-held stablecoins.
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, 2024 and December 31, 2023, 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 (gains) losses and impairment
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.
The useful life of the Company’s finite-lived acquired intangible assets is as follows:
Table 2. Acquired Intangible Assets Useful Life
 
Acquired intangible assets
  
Useful life
 
Developed technology
  
 
2
 ~ 
6
 years
 
Customer relationships
  
 
2.5
 ~ 
4
 years
 
Regulatory licenses
  
 
5
years
 
Patents and trade name
  
 
1
 ~ 
17
 years
 
  
 
 
 
There were
no
impairments recorded for intangible assets for the years ended December 31, 2024, 2023, and 2022.
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 year ended December 31, 2024, the Company has 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.
 
There were
no
material impairment charges recognized related to goodwill, intangible assets, or other long-lived assets during
the years ended December 31, 2024, 2023, and 2022.
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 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 12 —
Revenue Recognition
for further detail.
Distribution Arrangements
The Company has entered into distribution arrangements and incentive agreements with digital asset exchanges, market makers, and other stablecoin liquidity providers. 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 based on the amount of USDC held on each respective party’s platform. In the case of a certain distribution arrangement, the Company also makes payments 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. One-time payments are expensed as incurred. The costs associated with these arrangements 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, bad debt and credit losses, insurance, training and education, compliance, and other administrative services. General and administrative costs are expensed as incurred and 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 thousand per financial institution.
Related Party Transactions
In September 2023, the Company 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, Circle 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. A Director of Circle is the Founder and CEO of this company and owns
40
% of this company. Additionally, another Director of Circle is also a minority investor and strategic advisor to this company.
On October 7, 2022, Circle 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. An executive officer of Circle is a domestic partner to the Founder and CEO of this company.
Stock-based Compensation
The Company provides 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 “Award Plan”). The Award Plan is 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 Plan and to interpret and correct the provisions of the Plan and any award. Pursuant to the Award Plan, the Board and, where delegated, its committees, will select the individuals to whom options or restricted stock units are granted and will 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 the 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 have the same terms as those granted to employees under the Award Plan. For stock-based awards granted to non-employees, compensation expense is recognized based on the grant date fair value of the awards on a straight-line basis over the requisite service period.
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 and 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.
The RSUs vest upon the satisfaction of both a service condition and a liquidity condition. Both the service and liquidity conditions must be met for the expense to be recognized. 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.
Common Stock Valuation
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.
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 acqu
isition 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 are considered to be participating securities. 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 presented on a consolidated basis consistent with the presentation of the consolidated statement 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 statement 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 12 for revenues by product and service.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board (“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.
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 ending December 31, 2024, and for interim periods beginning January 1, 2025. The new standard only impacted disclosures.
In January 2025, the SEC published Staff Accounting Bulletin No. 122 (“SAB 122”) to rescind the previously issued Staff Accounting Bulletin No. 121 (“SAB 121”). SAB 121 required the recognition of a liability and an offsetting asset, both measured at fair value, for its obligation to safeguard digital assets on behalf of customers. The Company early adopted SAB 122 retrospectively for the consolidated balance sheets as of December 31, 2023. The adoption of SAB 122 resulted in the derecognition of $
524.2
million of Assets related to safeguarding obligations and Obligations related to safeguarding digital assets on the Consolidated Balance Sheet as of December 31, 2023. The adoption had no effect on operating income from continuing operations, net income, or comprehensive income for the years ended December 31, 2024 or 2023 or total stockholders’ equity as of December 31, 2024 or 2023.
Recently Issued Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-07”). ASU 2023-09 includes amendments to income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid. The new standard is effective prospectively for the Company for its fiscal year beginning January 1, 2025, with early adoption permitted. The Company expects that this standard will only impact 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.
v3.25.2
Acquisitions and divestitures
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Business Combinations [Abstract]    
Acquisitions and divestitures
3.
Acquisitions and divestitures
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., 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 allocation of the purchase price for this acquisition has been prepared on a preliminary basis and changes to the allocation to certain assets, liabilities, and tax estimates may occur as additional information becomes available.
The following table summarizes the preliminary 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, net
  
 
193
 
Prepaid expenses and other current assets
  
 
109
 
Fixed assets, net
  
 
8
 
Digital assets
  
 
104
 
Goodwill
  
 
96,840
 
Intangible assets, net
  
 
4,480
 
Accounts payable and accrued expenses
  
 
(655
) 
Other current liabilities
  
 
(2,383
) 
Deferred tax liabilities, net
  
 
(1,043
) 
  
 
 
 
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 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 Class A common stock to certain Hashnote employees, which are subject to the satisfaction of vesting conditions and will be 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 Hashnote International Short Duration Yield Fund Ltd., 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.
3. Acquisitions and divestitures
Acquisitions
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 shares of common stock 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.
Billeto, Inc.
In July 2022, the Company acquired
100
% of the ownership interest in Billeto, Inc., a Delaware corporation (“Billeto”), a software development company that provides payment platforms.
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
  
$
1,945
 
Intangible assets, net
  
 
4,600
 
Other assets
  
 
232
 
Goodwill
  
 
24,613
 
Deferred tax liabilities
  
 
(550
) 
  
 
 
 
Total purchase consideration
  
$
30,840
 
  
 
 
 
The total fair value of consideration transferred was $
30.8
 million consisting of $
14.4
 million in cash and
0.3
 million common shares of Circle valued at $
16.4
 million. The intangible asset acquired consists of developed technology of $
4.6
 million and was assigned a useful life of
2.0
years. The fair value of the developed technology was determined utilizing the cost approach. The fair value of the developed technology is considered a Level 3 fair value measurement due to the use of unobservable inputs including cost estimates. 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 Billeto’s workforce and the value of enhancing the Company’s payment platform. The Company does not expect goodwill to be deductible for income tax purposes.
The acquisition agreement also provides for the issuance of
1.3
 million common shares of Circle to Billeto employees that are subject to the satisfaction of certain vesting conditions and will be accounted for as compensation costs over the requisite service period.
Cybavo, Pte. Ltd
In July 2022, the Company acquired
100
% of the ownership interest in Cybavo, Pte. Ltd, a private company limited by shares incorporated in Singapore (together with its subsidiaries, “Cybavo”) that provides platforms for digital asset custody and blockchain application development.
 
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
  
$
1,498
 
Fixed assets, net
  
 
528
 
Operating lease right-of-use assets
  
 
1,114
 
Intangible assets, net
  
 
24,407
 
Other assets
  
 
335
 
Goodwill
  
 
120,917
 
Deferred tax liabilities
  
 
(4,148
) 
Other current and noncurrent liabilities
  
 
(2,418
) 
  
 
 
 
Total purchase consideration
  
$
142,233
 
  
 
 
 
The total fair value of consideration transferred was $
142.2
 million, consisting of $
37.6
 million in cash and USDC and
2.2
 million common shares of Circle valued at $
104.5
 million. The intangible assets acquired consist of developed technology of $
15.6
 million, customer relationships of $
6.6
 million and trade name of $
2.2
 million, and were assigned useful lives of
6.0
,
2.5
and
8.5
years, respectively. The fair value of the developed technology, customer relationships, and trade name were determined using the income approach. These valuations are considered Level 3 fair value measurements due to the use of unobservable inputs including projected timing and amounts of future cash flows and revenues, useful lives, and discount rates. 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 Cybavo’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 provides for the issuance of up to approximately
1.6
 million additional common shares of Circle to certain Cybavo employees, subject to the satisfaction of certain vesting conditions. All common shares issuable in connection with the Cybavo acquisition that are subject to vesting conditions are accounted for as compensation costs over the requisite service period. In connection with the Cybavo acquisition, a $
10.0
 million loan convertible into shares of Cybavo was effectively settled with respect to the consolidated financial statements.
The consolidated financial statements include the operating results of the acquisition from the date of the acquisitions. Pro forma results of operations for the acquisitions have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to the financial results of the Company.
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.
Other transactions
Merger agreement termination
In July 2021, the Company entered into a merger agreement with Concord Acquisition Corp. (“Concord”), a blank check company incorporated in the State of Delaware and formed for the purpose of effecting a merger.
 
I
n
February 2022, the merger agreement with Concord was terminated and the Company entered into a new transaction agreement with Concord. In December 2022, the Company and Concord announced the mutual termination of its proposed business combination. As a result, the Company recorded $
44.2
 million of merger termination costs, consisting of
396,514
shares of Company’s common stock, expense reimbursements, forgiveness of a promissory note, and the recognition of previously capitalized transaction related expenses for the year ended December 31, 2022.
v3.25.2
Available-for-sale debt securities
 12 Months Ended
Dec. 31, 2024
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale [Abstract]  
Available-for-sale debt securities
4. Available-for-sale debt securities
Available-for-sale debt securities
The cost basis, fair values and gross unrealized gains and losses of available-for-sale debt securities, at fair value are as follows (in thousands):
Table 4.1. Details of Available-for-sale Debt Securities
 
 
  
December 31, 2024
 
  
December 31, 2023
 
 
  
Amortized
Cost
 
  
Unrealized
Gains
 
  
Unrealized
Losses
 
  
Fair
Value
 
  
Amortized
Cost
 
  
Unrealized
Gains
 
  
Unrealized
Losses
 
 
Fair Value
 
U.S. Treasury securities
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
111,379
 
  
$
40
 
  
$
(12
) 
 
$
111,407
 
U.S. agency bonds
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
 
128,520
 
  
 
199
 
  
 
(3
) 
 
 
128,716
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
239,899
 
  
$
239
 
  
$
(15
) 
 
$
240,123
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
The cost basis of available-for-sale debt securities includes an adjustment for the amortization of premium or discount since the date of purchase.
No
provision for credit losses on available-for-sale debt securities was recorded for the years ended December 31, 2024, 2023, and 2022.
The following table presents certain information regarding contractual maturities of our available-for-sale debt securities, at fair value (in thousands):
Table 4.2. Maturities of Available-for sale Debt Securities
 
Maturity
  
December 31, 2024
 
  
December 31, 2023
 
 
  
Amortized
Cost
 
  
% of
Total
 
  
Fair
Value
 
  
% of
Total
 
  
Amortized
Cost
 
  
% of
Total
 
  
Fair Value
 
  
% of
Total
 
One year or less
  
$
— 
 
  
 
— %
  
 
$
— 
 
  
 
— %
 
 
$
152,108
 
  
 
63.0%
 
 
$
152,183
 
  
 
63.0%
 
After one year through five years
  
 
— 
 
  
 
— %
 
 
 
— 
 
  
 
— %
 
 
 
87,791
 
  
 
37.0%
 
 
 
87,940
 
  
 
37.0%
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
Total
  
$
— 
 
  
 
— %
 
 
$
— 
 
  
 
— %
 
 
$
239,899
 
  
 
100.0%
 
 
$
240,123
 
  
 
100.0%
  
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
At December 31, 2024 and 2023, there were
no
available-for-sale debt securities with contractual maturities greater than five years. Expected maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
For the years ended December 31, 2024 and 2023, there were
no
available-for-sale debt securities, at fair value which have unrealized losses for a period in excess of 12 months.
Interest income recognized on available-for-sale debt securities, at fair value is included as a component of
Other income (expense), net
on the accompanying Consolidated Statements of Operations as follows (in thousands):
Table 4.3. Interest Income on Available-for-sale Debt Securities
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Interest income
  
$
8,452
 
  
$
5,771
 
  
$
482,684
 
  
 
 
 
  
 
 
 
  
 
 
 
v3.25.2
Leases
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Leases
4.
Leases
The Company leases facilities under non-cancelable operating leases. In addition to fixed monthly lease payments, the Company is required to pay operating expenses and real estate taxes for certain of these facilities.
 
The components of lease cost were as follows (in thousands):
 
Table 4.1. Lease Cost
              
 
  
Three months ended
June 30,
 
  
Six months ended
June 30,
 
 
  
 2025 
 
  
 2024 
 
  
 2025 
 
  
 2024 
 
Operating lease cost
  
$
834
 
  
$
1,108
 
  
$
1,672
 
  
$
2,226
 
Short-term lease cost
  
$
165
 
  
$
248
 
  
$
332
 
  
$
483
 
Supplemental balance sheet information related to leases is as follows (in thousands):
 
Table 4.2. Details of Lease Right-of-use Assets and Liabilities
 
 
  
June 30,
2025
 
  
December 31,
2024
 
Operating lease right-of-use assets
  
$
14,933
 
  
$
15,493
 
  
 
 
 
  
 
 
 
Operating lease liabilities - current
  
 
2,704
 
  
 
2,637
 
Operating lease liabilities - non-current
  
 
12,725
 
  
 
13,074
 
  
 
 
 
  
 
 
 
Total operating lease liabilities
  
$
15,429
 
  
$
15,711
 
  
 
 
 
  
 
 
 
Operating lease liabilities are included in
Other current liabilities
and
Other non-current liabilities
on the unaudited Condensed Consolidated Balance Sheets, while operating lease right-of-use assets are included in Other non-current assets on the unaudited Condensed Consolidated Balance Sheets.
Weighted-average lease terms and discount rates are as follows:
 
Table 4.3. Weighted-average Lease Terms and Discount Rates
 
 
  
June 30,
2025
 
 
December 31,
2024
 
Weighted-average remaining lease term
  
 
7.8
 years
 
 
 
8.3
 years
 
Weighted-average discount rates
  
 
13.3
% 
 
 
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,
 
2025 (remaining 6 months)
  
$
1,664
 
2026
  
 
3,146
 
2027
  
 
3,199
 
2028
  
 
2,791
 
2029
  
 
3,058
 
Thereafter
  
 
11,944
 
  
 
 
 
Total lease payments
  
 
25,802
 
Less: imputed interest
  
 
10,373
 
  
 
 
 
Total lease liabilities
  
$
15,429
 
  
 
 
 
5. 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. In January 2024, the Company commenced a lease for corporate office space with a lease term of approximately 10 years.
The components of lease cost were as follows (in thousands):
Table 5.1. Lease Cost
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Operating lease cost
  
$
4,406
 
  
$
1,813
 
  
$
1,824
 
Short-term lease cost
  
$
895
 
  
$
180
 
  
$
916
 
  
 
 
 
  
 
 
 
  
 
 
 
Supplemental balance sheet information related to leases is as follows (in thousands):
Table 5.2. Details of Lease Right-of-use Assets and Liabilities
 
 
  
December 31, 2024
 
  
December 31, 2023
 
Operating lease right-of-use assets
  
$
15,493
 
  
$
1,624
 
  
 
 
 
  
 
 
 
Operating lease liabilities - current
  
 
2,637
 
  
 
1,647
 
Operating lease liabilities - non-current
  
 
13,074
 
  
 
132
 
  
 
 
 
  
 
 
 
Total operating lease liabilities
  
$
15,711
 
  
$
1,779
 
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 5.3. Weighted-average Lease Terms and Discount Rates
 
 
  
December 31, 2024
 
 
December 31, 2023
 
Weighted-average remaining lease term
  
 
8.3
 years
 
 
 
1.1
 years
 
Weighted-average discount rates
  
 
12.8
% 
 
 
8.5
% 
  
 
 
 
 
 
 
 
Maturities of lease liabilities under operating leases are as follows (in thousands):
Table 5.4. Maturities of Lease Liabilities
 
Years ending December 31,
  
 
 
2025
  
$
3,065
 
2026
  
 
3,091
 
2027
  
 
3,144
 
2028
  
 
2,787
 
2029
  
 
3,058
 
Thereafter
  
 
11,944
 
  
 
 
 
Total lease payments
  
 
27,089
 
Less: imputed interest
  
 
11,378
 
  
 
 
 
Total lease liabilities
  
$
15,711
 
  
 
 
 
v3.25.2
Intangible assets, net
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Intangible assets, net
5.
Intangible assets, net
The useful life of the Company’s finite-lived acquired intangible assets is as follows:
 
Table 5.1. Acquired Intangible Assets Useful Life
Acquired intangible assets
  
Useful life

(years)
Developed technology
  
2
 ~ 
6
Customer relationships
  
2
~
4
Regulatory licenses
  
5
Patents and trade name
  
1
 ~ 
17
Intangible assets consists of the following (in thousands):
 
Table 5.2. Details of Intangible Assets, net
 
As of June 30, 2025
  
Gross
carrying
amount
 
  
Accumulated
amortization
 
  
Intangible
assets, net
 
  
Weighted
average
remaining
useful life
(in years)
 
Amortizing intangible assets:
  
  
  
  
Internally developed software
  
$
234,744
 
  
$
(119,232
) 
  
$
115,512
 
  
 
1.7
 
Acquired intangible assets
  
 
36,053
 
  
 
(21,000
) 
  
 
15,053
 
  
 
4.6
 
  
 
 
 
  
 
 
 
  
 
 
 
  
Total amortizing intangible assets
  
$
270,797
 
  
$
(140,232
) 
  
$
130,565
 
  
  
 
 
 
  
 
 
 
  
 
 
 
  
Indefinite-lived intangible assets:
  
  
  
  
Acquired intangible assets
  
 
266,404
 
  
 
— 
 
  
 
266,404
 
  
  
 
 
 
  
 
 
 
  
 
 
 
  
Total intangible assets, net
  
$
537,201
 
  
$
(140,232
) 
  
$
396,969
 
  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
As of December 31, 2024
  
Gross
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
 
  
  
 
 
 
  
 
 
 
  
 
 
 
  
Total amortization expense of intangible assets was $
13.6
million and $
12.2
million for the three months ended June 30, 2025 and 2024, respectively, and $
27.1
million and $
23.3
million for the six months ended June 30, 2025 and 2024, respectively. Amortization expense on internally developed software was $
12.3
million and $
10.3
million for the three months ended June 30, 2025 and 2024, respectively, and $
24.4
million and $
19.4
million for the six months ended June 30, 2025 and 2024, respectively. Amortization expense on the acquired intangible assets was $
1.3
million and $
1.9
million for the three months ended June 30, 2025 and 2024, respectively, and $
2.7
million and $
3.9
million for the six months ended June 30, 2025 and 2024, respectively.
 
The expected future amortization expense for amortizing intangible assets is as follows (in thousands):
 
Table 5.3. Future Amortization Expense of Intangible Assets
 
 
  
Years ending
December 31,
 
2025 (remaining 6 months)
  
$
40,820
 
2026
  
 
63,351
 
2027
  
 
22,530
 
2028
  
 
1,774
 
2029
  
 
384
 
Thereafter
  
 
1,706
 
  
 
 
 
Total amortization expense
  
$
130,565
 
  
 
 
 
6. Intangible assets, net
Intangible assets consists of the following (in thousands):
Table 6.1. Details of Intangible Assets, net
 
As of December 31, 2024
  
Gross
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
 
  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
As of December 31, 2023
  
Gross
carrying
amount
 
  
Accumulated
amortization
 
  
Intangible
assets, net
 
  
Weighted
average
remaining
useful life
(in years)
 
Amortizing intangible assets:
  
  
  
  
Internally developed software
  
$
95,838
 
  
$
(52,710
) 
  
$
43,128
 
  
 
1.5
 
Acquired intangible assets
  
 
29,250
 
  
 
(11,351
) 
  
 
17,899
 
  
 
3.9
 
Total amortizing intangible assets
  
$
125,088
 
  
$
(64,061
) 
  
$
61,027
 
  
Indefinite-lived intangible assets:
  
  
  
  
Acquired intangible assets
  
 
266,354
 
  
 
— 
 
  
 
266,354
 
  
  
 
 
 
  
 
 
 
  
 
 
 
  
Total intangible assets, net
  
$
391,442
 
  
$
(64,061
) 
  
$
327,381
 
  
  
 
 
 
  
 
 
 
  
 
 
 
  
Total amortization expense of intangible assets was $
49.0
million, $
33.1
million and $
12.3
 million for the years ended December 31, 2024, 2023, and 2022, respectively. Amortization expense on internally developed software was $
42.0
million, $
24.9
million and $
8.9
 million for the years ended December 31, 2024, 2023, and 2022, respectively. Amortization expense on the acquired intangible assets was $
7.0
million, $
8.3
million and $
3.4
 million for the years ended December 31, 2024, 2023, and 2022, respectively.
The expected future amortization expense for amortizing intangible assets is as follows (in thousands):
Table 6.2. Future Amortization Expense of Intangible Assets
 
Years ending December 31,
  
 
 
2025
  
$
41,219
 
2026
  
 
16,987
 
2027
  
 
2,919
 
2028
  
 
1,774
 
2029
  
 
384
 
Thereafter
  
 
1,707
 
  
 
 
 
Total amortization expense
  
$
64,990
 
  
 
 
 
v3.25.2
Fixed assets, net
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
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
 
 
  
June 30,
2025
 
  
December 31,
2024
 
Computers & equipment
  
$
5,223
 
  
$
4,920
 
Leasehold improvements
  
 
20,107
 
  
 
739
 
Construction in progress
  
 
— 
 
  
 
16,204
 
Other
  
 
3,913
 
  
 
1,600
 
  
 
 
 
  
 
 
 
Total fixed assets
  
 
29,243
 
  
 
23,463
 
Less: accumulated depreciation and amortization
  
 
(5,439
) 
  
 
(4,781
) 
  
 
 
 
  
 
 
 
Total fixed assets, net
  
$
23,804
 
  
$
18,682
 
  
 
 
 
  
 
 
 
Depreciation expense was $
0.6
million and $
0.5
million for the three months ended June 30, 2025 and 2024, respectively, and $
1.0
million and $
0.9
million for the six months ended June 30, 2025 and 2024, respectively, which is included within
Depreciation and amortization expense
on the unaudited Condensed Consolidated Statements of Operations.
7. Fixed assets, net
The following table presents our major categories of Fixed assets, net (in thousands):
Table 7.1. Details of Fixed assets, net
 
 
  
December 31,
 
  
December 31,
 
 
  
2024
 
  
2023
 
Computers & equipment
  
$
4,920
 
  
$
4,543
 
Leasehold improvements
  
 
739
 
  
 
572
 
Construction in progress
  
 
16,204
 
  
 
— 
 
Other
  
 
1,600
 
  
 
1,256
 
  
 
 
 
  
 
 
 
Total Fixed assets
  
 
23,463
 
  
 
6,371
 
Less: Accumulated depreciation and amortization
  
$
(4,781
) 
  
$
(3,752
) 
  
 
 
 
  
 
 
 
Total Fixed assets, net
  
$
18,682
 
  
$
2,619
 
  
 
 
 
  
 
 
 
Depreciation expense was $
1.9
million, $
1.8
million, and $
1.0
million for the years ended December 31, 2024, 2023, and 2022, respectively, which is included within Depreciation and amortization expense on the Consolidated Statements of Operations.
v3.25.2
Digital assets
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Digital assets [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
 
 
  
June 30, 2025
 
  
December 31, 2024
 
 
  
Quantity
 
  
Cost Basis
 
  
Fair Value
 
  
Quantity
 
  
Cost Basis
 
  
Fair Value
 
Sui
  
 
3,564,079
 
  
$
7,792
 
  
$
9,898
 
  
 
2,304,672
 
  
$
2,385
 
  
$
9,483
 
Bitcoin
  
 
73
 
  
 
2,193
 
  
 
7,829
 
  
 
73
 
  
 
2,113
 
  
 
6,781
 
Ether
  
 
1,726
 
  
 
4,412
 
  
 
4,300
 
  
 
1,746
 
  
 
4,455
 
  
 
5,815
 
Syrup
  
 
4,951,165
 
  
 
2,500
 
  
 
2,686
 
  
 
49,512
 
  
 
2,500
 
  
 
772
 
Worldcoin
  
 
2,779,348
 
  
 
3,300
 
  
 
2,498
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
Sei
  
 
6,250,000
 
  
 
2,385
 
  
 
1,763
 
  
 
6,250,000
 
  
 
2,385
 
  
 
2,472
 
Starknet
  
 
13,601,010
 
  
 
1,616
 
  
 
1,587
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
Zebec Network
  
 
366,555,944
 
  
 
524
 
  
 
1,252
 
  
 
310,290,738
 
  
 
420
 
  
 
276
 
Aptos
  
 
217,378
 
  
 
1,487
 
  
 
1,062
 
  
 
217,378
 
  
 
1,487
 
  
 
1,891
 
Optimism
 
 
867,303
 
 
 
1,330
 
 
 
491
 
 
 
867,303
 
 
 
1,330
 
 
 
1,518
 
Other digital assets
  
 
n.m.
 
  
 
3,191
 
  
 
1,747
 
  
 
n.m.
 
  
 
2,683
 
  
 
2,322
 
  
  
 
 
 
  
 
 
 
  
  
 
 
 
  
 
 
 
Total digital assets
  
  
$
30,730
 
  
$
35,113
 
  
  
$
19,758
 
  
$
31,330
 
  
  
 
 
 
  
 
 
 
  
  
 
 
 
  
 
 
 
n.m.= not meaningful
 
As of June 30, 2025, there are certain digital assets with a total fair value of $
2.4
million subject to various time-based contractual sale restrictions ranging from July 2025 until March 2029.
Digital assets (gains)/losses consists of the following (in thousands):
 
Table 7.2. Digital Assets (gains)/losses
  
 
  
Three months ended
June 30,
 
  
Six months ended June
30,
 
 
  
2025
 
  
2024
 
  
2025
 
  
2024
 
(Gains)/losses on disposals of digital assets
  
$
(7
) 
  
$
(885
) 
  
$
(30
) 
  
$
(2,888
) 
(Gains)/losses on changes in fair value of embedded derivatives
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
1,629
 
Unrealized (gains)/losses on changes in fair value of digital assets
  
 
(686
) 
  
 
3,814
 
  
$
5,607
 
  
 
(185
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
(693
) 
  
$
2,929
 
  
$
5,577
 
  
$
(1,444
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Refer to Note 12 for gains and losses on digital assets held for investments.
8. Digital assets
The composition of digital assets included the following (in thousands, except quantity):
Table 8.1. Details of Digital Assets
 
 
  
December 31, 2024
 
 
  
Quantity
 
  
Cost Basis
 
  
Fair Value
 
Sui
  
 
2,304,672
 
  
$
2,385
 
  
$
9,483
 
Bitcoin
  
 
73
 
  
 
2,113
 
  
 
6,781
 
Ether
  
 
1,746
 
  
 
4,455
 
  
 
5,815
 
Sei
  
 
6,250,000
 
  
 
2,385
 
  
 
2,472
 
Aptos
  
 
217,378
 
  
 
1,487
 
  
 
1,891
 
Optimism
  
 
867,303
 
  
 
1,330
 
  
 
1,518
 
Other digital assets
  
 
n.m
 
  
 
5,603
 
  
 
3,370
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
  
$
19,758
 
  
$
31,330
 
  
 
 
 
  
 
 
 
  
 
 
 
n.m.= not meaningful
As of December 31, 2024, there are certain digital assets with a total fair value of $
3.9
million subject to various time-based contractual sale restrictions ranging from January 2025 until August 2027.
Prior to the adoption of ASU 2023-08 at January 1,
2024
, the Company accounted for its digital assets at cost less impairment. The composition and carrying value of its digital assets included the following (in thousands):
Table 8.2. Details of Digital Assets
 
 
  
December 31, 2023
 
Bitcoin
  
$
4,680
 
Ether
  
 
3,123
 
Other digital assets
  
 
3,536
 
  
 
 
 
Total
  
$
11,339
 
  
 
 
 
 
The following table summarizes the changes in the fair value of digital assets (in thousands):
Table 8.3. Changes in the Fair Value of Digital Assets
 
Balance as of December 31, 2023
  
$
11,339
 
Cumulative effect of the adoption of ASU 2023-08
  
 
6,921
 
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. These amounts include cumulative realized gains of $
4.2
million and realized losses of $
0.9
million during the year ended December 31, 2024, respectively.
Digital assets (gains) losses and impairment consists of the following (in thousands):
Table 8.4. Digital Assets Gains (losses) and Impairment
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
(Gains)/losses on disposals of digital assets
  
$
(3,375
) 
  
$
(13,964
) 
  
$
(158,015
) 
(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
 
  
 
(211,997
) 
Unrealized (gains)/losses on changes in fair value of digital assets
  
 
(2,505
) 
  
 
— 
 
  
 
— 
 
Impairments on digital assets
  
 
— 
 
  
 
954
 
  
 
427,448
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
(4,251
) 
  
$
(13,488
) 
  
$
57,436
 
  
 
 
 
  
 
 
 
  
 
 
 
Refer to Note 13 for gains and losses on digital assets held for investments.
v3.25.2
Investments
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]    
Investment
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 $
83.8
million and $
84.1
million as of June 30, 2025 and December 31, 2024, respectively, which are included in
Investments
on the unaudited Condensed Consolidated Balance Sheets. The Company primarily records these investments at cost adjusted to fair value upon observable transactions for identical or similar investments of the same issuer or upon impairment, referred to as the measurement alternative.
The Company’s investments carried under the measurement alternative are recorded at fair value on a non-recurring basis in periods after initial recognition. Investments carried at fair value under the measurement alternative are classified within Level 3 of the fair value hierarchy due to the absence of quoted market prices, the inherent lack of liquidity and unobservable inputs used to measure fair value that require management’s judgment. Any subsequent changes in value of these investments will be included as a part of
Other (expense) income, net
in the unaudited Condensed Consolidated Statements of Operations.
The changes in the carrying value of equity investments carried under the measurement alternative along with investments in limited partnerships and certain forward contracts to purchase a specified quantity of equity shares in private companies are presented below (in thousands):
 
Table 8.1. Changes in the Carrying Value of Equity Investments under Measurement Alternative
 
Balance as of December 31, 2024
  
$
68,229
 
Net investments and returns in privately held companies
  
 
9,674
 
Upward adjustments
  
 
1,511
 
Downward adjustments
  
 
(3,156
) 
Realized gains (losses) and impairments
  
 
(217
) 
  
 
 
 
Balance as of June 30, 2025 (1)
  
$
76,041
 
  
 
 
 
 
(1)
Excludes $
7.8
million of strategic investments not accounted for under the measurement alternative as of June 30, 2025.
 
Balance as of December 31, 2023
  
$
66,008
 
Net investments and returns in privately held companies
  
 
1,273
 
Upward adjustments
  
 
4,142
 
Downward adjustments
  
 
(233
) 
Realized gains (losses) and impairments
  
 
(368
) 
  
 
 
 
Balance as of June 30, 2024 (1)
  
$
70,822
 
  
 
 
 
 
(1)
Excludes $
9.0
million of strategic investments not accounted for under the measurement alternative as of June 30, 2024.
9. 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 $
84.1
 million and $
75.9
 million as of December 31, 2024 and 2023, 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 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
on 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 9. Changes in the Carrying Value of Equity Investments under Measurement Alternative
 
Balance as of December 31, 2023
  
$
66,008
 
Net investments and returns in privately held companies
  
 
1,162
 
Upward adjustments
  
 
4,969
 
Downward adjustments
  
 
(2,098
) 
Realized 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.
 
Balance as of December 31, 2022
  
$
42,516
 
Investments in privately held companies
  
 
25,390
 
Upward adjustments
  
 
753
 
Downward adjustments
  
 
(1,040
) 
Realized losses and impairments
  
 
(1,611
) 
  
 
 
 
Balance as of December 31, 2023
(1)
  
$
66,008
 
  
 
 
 
 
(1)
 
Excludes $
9.9
million of strategic investments not accounted for under the measurement alternative as of December 31, 2023.
v3.25.2
Derivatives and embedded derivatives
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Derivative Instrument Detail [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 accounts for these derivatives and embedded derivatives within
Investments
on the unaudited Condensed Consolidated Balance Sheets. The derivatives and bifurcated embedded derivatives are marked to market through
Other (expense) income, net
in the unaudited Condensed Consolidated Statements of Operations. Embedded derivatives are presented together with the respective host contract on the unaudited Condensed Consolidated Balance Sheets.
The 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
 
 
  
June 30,
2025
 
  
December 31,
2024
 
Investments – embedded derivatives
  
$
3,559
 
  
$
8,982
 
Investments – derivatives
  
$
164
 
  
$
350
 
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
 
 
  
June 30,
2025
 
  
December 31,
2024
 
Investments – embedded derivatives
  
$
1,223
 
  
$
791
 
Investments – derivatives
  
$
353
 
  
$
384
 
Gains (losses) on derivatives and embedded derivatives are as follows (in thousands):
 
Table 9.3. Gains (losses) on Derivatives and Embedded Derivatives
  
 
 
  
 
 
  
 
 
  
 
 
 
  
Three months ended
June 30,
 
  
Six months ended June
30,
 
 
  
2025
 
  
2024
 
  
2025
 
  
2024
 
Obligation to return digital asset collateral - embedded derivatives (1)
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
1,629
 
Accounts receivable, net - embedded derivatives
  
$
(408
) 
  
$
— 
 
  
$
(1,384
) 
  
$
— 
 
Investments - derivatives and embedded derivatives (2)
  
$
1,209
 
  
$
(2,734
) 
  
$
(4,131
) 
  
$
336
 
 
(1)
Included in
Digital assets (gains)
losses
in the unaudited Condensed Consolidated Statements of Operations
.
(2)
Included in
Other (expense) income, net
in the unaudited Condensed Consolidated Statements of Operations.
10. Derivatives and embedded derivatives
The Company accounts 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 (gains) losses and impairment on the Consolidated Statements of Operations. In the first quarter of 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 (gains) losses and impairment 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.
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 accounts 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 on the Consolidated Statements of Operations.
The fair value of the Company’s derivatives and embedded derivatives are as follows (in thousands):
Table 10.1. Fair Value of Derivative and Embedded Derivative Assets and Liabilities
 
 
  
December 31, 2024
 
  
December 31, 2023
 
Derivative and embedded derivative assets:
  
  
Investments - embedded derivatives
  
$
8,982
 
  
$
3,521
 
Investments - derivatives
  
$
350
 
  
$
587
 
Derivative and embedded derivative liabilities:
  
  
Obligation to return digital asset collateral - embedded derivatives 
(1)
  
$
— 
 
  
$
1,392
 
  
 
 
 
  
 
 
 
 
(1)
 
Represents $
1.4
million of embedded derivatives in fair value hedging relationships as of December 31, 2023. The hedging relationships were de-designated upon the adoption of ASU 2023-08 on January 1, 2024.
The following table summarizes notional amounts related to derivatives and embedded derivatives (in thousands):
Table 10.2. Notional Amounts of Derivative and Embedded Derivative Assets and Liabilities
 
 
  
December 31, 2024
 
  
December 31, 2023
 
Obligation to return digital asset collateral — embedded derivatives
(1)
  
$
— 
 
  
$
1,905
 
Investments — embedded derivatives
  
$
791
 
  
$
1,590
 
Investments — derivatives
  
$
384
 
  
$
1,244
 
  
 
 
 
  
 
 
 
 
(1)
 
Represents $
1.9
million of notional value associated with embedded derivatives in fair value hedging relationships as of December 31, 2023. The hedging relationships were de-designated upon the adoption of ASU 2023-08 on January 1, 2024.
Gains (losses) on derivatives and embedded derivatives are as follows (in thousands):
Table 10.3. Gains (losses) on Derivative and Embedded Derivatives
 
 
 
Year ended December 31,
 
 
 
2024
 
 
2023
 
 
2022
 
 
 
Derivatives
 
 
Hedged
Items
 
 
Total
Income
Statement
Impact
 
 
Derivatives
 
 
Hedged
Items
 
 
Total
Income
Statement
Impact
 
 
Derivatives
 
 
Hedged
Items
 
 
Total
Income
Statement
Impact
 
Obligation to return digital asset collateral — embedded derivatives
(1)
 
$
1,629
 
 
$
— 
 
 
$
1,629
 
 
$
8,553
 
 
$
(9,031
) 
 
$
(478
) 
 
$
211,997
 
 
$
— 
 
 
$
211,997
 
Prepaid expenses and other assets — embedded derivatives
(2)
 
$
— 
 
 
$
— 
 
 
$
— 
 
 
$
935
 
 
$
— 
 
 
$
935
 
 
$
(3,253
) 
 
$
— 
 
 
$
(3,253
) 
Loans payable, net of debt discount — embedded derivatives
(2)
 
$
— 
 
 
$
— 
 
 
$
— 
 
 
$
— 
 
 
$
— 
 
 
$
— 
 
 
$
(887
) 
 
$
— 
 
 
$
(887
) 
Investments — derivatives and embedded derivatives
(2)
 
$
8,175
 
 
$
— 
 
 
$
8,175
 
 
$
2,776
 
 
$
— 
 
 
$
2,776
 
 
$
1,178
 
 
$
— 
 
 
$
1,178
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Included in
Digital assets (gains) losses and impairment
in the Consolidated Statements of Operations. The hedging relationships were de-designated upon the adoption of ASU 2023-08 on January 1, 2024.
 
(2)
 
Included in
Other income (expense), net
in the Consolidated Statements of Operations.
For embedded derivatives designated as qualifying fair value hedges, the gain or loss on the embedded derivative and the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in
Digital assets (gains) losses and impairment
in the Consolidated Statements of Operations. The carrying value of the hedged item is included in Digital assets on the Consolidated Balance Sheets. The carrying values and associated cumulative basis adjustments for fair value hedges are as follows (in thousands):
Table 10.4. Details of Hedged Item
 
 
  
Carrying Value of the Hedged Item
 
  
Cumulative Fair Value Hedging
Adjustments Included in the Carrying
Value
 
Hedged item
  
December 31, 2024
 
  
December 31, 2023
 
  
December 31, 2024
 
  
December 31, 2023
 
Digital assets
(1)
  
$
— 
 
  
$
3,297
 
  
$
— 
 
  
$
9,031
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)
 
The hedging relationships were de-designated upon the adoption of ASU 2023-08 on January 1, 2024
v3.25.2
Fair value measurements
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
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
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  
June 30, 2025
 
  
December 31, 2024
 
(in thousands)
  
Level 1
 
  
Level 2
 
  
Level 3
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
Assets
  
  
  
  
  
  
Cash equivalents (1)
  
$
53,958,277
 
  
$
— 
 
  
$
— 
 
  
$
37,841,697
 
  
$
— 
 
  
$
— 
 
Digital assets
  
 
35,113
 
  
 
— 
 
  
 
— 
 
  
 
31,330
 
  
 
— 
 
  
 
— 
 
Digital financial assets
  
 
532
 
  
 
— 
 
  
 
— 
 
  
 
14,328
 
  
 
— 
 
  
 
— 
 
Investments - derivatives and embedded derivatives (2)(3)
  
 
— 
 
  
 
3,723
 
  
 
— 
 
  
 
— 
 
  
 
9,332
 
  
 
— 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total assets
  
$
53,993,922
 
  
$
3,723
 
  
$
— 
 
  
$
37,887,355
 
  
$
9,332
 
  
$
— 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
  
  
  
  
  
  
Convertible debt, net of debt discount
  
$
— 
 
  
$
— 
 
  
$
206,140
 
  
$
— 
 
  
$
— 
 
  
$
40,717
 
Warrant liability
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
1,591
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total liabilities
  
$
— 
 
  
$
— 
 
  
$
206,140
 
  
$
— 
 
  
$
— 
 
  
$
42,308
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)
Included $
53.2
billion and $
37.5
billion of Circle Reserve Fund as of June 30, 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 June 30, 2025 and December 31, 2024, respectively.
There were no transfers into or out of Level 3 of the fair value hierarchy during the three and six months ended June 30, 2025 and 2024.
 
Warrant liability
The Company had issued warrants convertible into Series E preferred stock at a price of $
16.23
per share. The warrants were classified as a non-current liability and were fair valued using a probability weighted model based on the fair value of the Company’s common stock at the balance sheet date. The Company revalued the warrants at each reporting period and recorded the change in fair value in the unaudited Condensed Consolidated Statements of Operations. On February 20, 2025, the Company issued an aggregate of
45
 thousand shares of Series E preferred stock to the warrant holders upon the cashless exercise of those warrants which were subsequently converted one-for-one to Class A common stock upon completion of the IPO. The changes in carrying value of warrant liability 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 June 30, 2025
  
$
— 
 
  
 
 
 
Balance as of December 31, 2023
  
$
1,642
 
Fair value adjustment
  
 
(116
) 
  
 
 
 
Balance as of June 30, 2024
  
$
1,526
 
  
 
 
 
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. 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 (expense) income, net
 in the unaudited Condensed Consolidated Statements of Operations. The changes in carrying value of convertible debt, net of debt discount are reflected in the following tables (in thousands):
 
Table 10.3. Changes in Carrying Value of Convertible Debt
  
 
 
Balance as of December 31, 2024
  
$
40,717
 
Net discount on convertible notes
  
 
420
 
Capitalized interest
  
 
334
 
Fair value adjustment
  
 
164,591
 
Fair value adjustment – credit risk
  
 
78
 
  
 
 
 
Balance as of June 30, 2025
  
$
206,140
 
  
 
 
 
Balance as of December 31, 2023
  
$
58,487
 
Net discount on convertible notes
  
 
564
 
Capitalized interest
  
 
479
 
Fair value adjustment
  
 
(3,057
) 
Fair value adjustment – credit risk
  
 
(91
) 
  
 
 
 
Balance as of June 30, 2024
  
$
56,382
 
  
 
 
 
 
The following significant unobservable inputs were used in the valuation:
 
Table 10.4. Significant Unobservable Inputs
  
 
 
 
 
 
 
  
June 30,
2025
 
 
December 31,
2024
 
Discount rate
  
 
8.0
% 
 
 
7.5
% 
Volatility
  
 
56.6
% 
 
 
65.0
% 
Risk-free rate
  
 
4.1
% 
 
 
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. 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.
11. 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 11.1. Fair Value Hierarchy
 
(in thousands)
 
December 31, 2024
 
 
December 31, 2023
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
Assets
 
 
 
 
 
 
Cash equivalents
 
$
37,841,697
 
 
 
— 
 
 
 
— 
 
 
$
22,237,963
 
 
 
— 
 
 
 
— 
 
Available-for-sale debt securities, at fair value
 
 
— 
 
 
 
— 
 
 
 
— 
 
 
 
111,407
 
 
 
128,716
 
 
 
— 
 
Digital assets
(1)
 
 
31,330
 
 
 
— 
 
 
 
— 
 
 
 
3,297
 
 
 
— 
 
 
 
— 
 
Digital financial assets
 
 
14,328
 
 
 
— 
 
 
 
— 
 
 
 
— 
 
 
 
— 
 
 
 
— 
 
Investments - derivatives and embedded derivatives
(2)(3)
 
 
— 
 
 
 
9,332
 
 
 
— 
 
 
 
— 
 
 
 
4,108
 
 
 
— 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
 
$
37,877,355
 
 
$
9,332
 
 
 
— 
 
 
$
22,352,667
 
 
$
132,824
 
 
 
— 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Convertible debt, net of debt discount
 
 
— 
 
 
 
— 
 
 
$
40,717
 
 
 
— 
 
 
 
— 
 
 
$
58,487
 
Obligation to return digital asset collateral — embedded derivatives 
(2)(4)
 
 
— 
 
 
 
— 
 
 
 
— 
 
 
 
— 
 
 
 
1,392
 
 
 
— 
 
Warrant liability
 
 
— 
 
 
 
— 
 
 
 
1,591
 
 
 
— 
 
 
 
— 
 
 
 
1,642
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities
 
 
— 
 
 
 
— 
 
 
$
42,308
 
 
 
— 
 
 
$
1,392
 
 
$
60,129
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Prior to January 1, 2024, only digital assets collateral designated as fair value hedged items are included under the fair value hierarchy. Subsequent to the adoption of ASU 2023-08 on January 1, 2024, digital assets are measured at fair value.
(2)
 
The fair value measurement is based on the quoted market price of the underlying digital asset.
 
(3)
 
Excluded the host contract balance of $
0.8
million and $
1.6
million as of December 31, 2024 and 2023, respectively.
(4)
 
Excluded obligation to return digital asset collateral of $
1.9
million, representing the debt host obligation which is not measured and recorded at fair value as of December 31, 2023.
There were no transfers into or out of Level 3 of the fair value hierarchy during the years ended December 31, 2024 and 2023.
Warrant liability
The Company has issued warrants convertible into Series E preferred shares at a price of $
16.23
per share. The warrants are classified as a non-current liability and are 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 revalues the warrants at each reporting period and records the change in fair value in the Consolidated Statements of Operations. The changes in carrying value of warrant liability are reflected in the following tables (in thousands):
Table 11.2. Changes in Carrying Value of Warrant Liability
 
Balance as of December 31, 2023
  
$
1,642
 
Fair value adjustment
  
 
(51
) 
  
 
 
 
Balance as of December 31, 2024
  
$
1,591
 
  
 
 
 
 
Balance as of December 31, 2022
  
$
2,689
 
Fair value adjustment
  
 
(1,047
) 
  
 
 
 
Balance as of December 31, 2023
  
$
1,642
 
  
 
 
 
Obligation to return digital asset collateral — embedded derivatives
Embedded in the debt host obligation to return digital asset collateral related to Circle stablecoin borrowing and lending activities is a feature indexed to digital asset that is not clearly and closely related to a debt instrument, which meets the definition of a derivative and requires bifurcation. The feature is fair valued using the “with” and “without” approach. During the period when an obligation to return the digital asset collateral exists, the embedded derivative is marked-to-market and any changes in the fair value of the underlying digital asset is recorded within
Digital assets (gains) losses and impairment
on the Consolidated Statements of Operations. Upon the return of the digital asset collateral, any unrealized gain (loss) on the embedded derivative that was attributable to the collateral is realized. As of December 31, 2023, the embedded derivatives balance only consisted of embedded derivatives in connection with the digital asset collateral related to Circle stablecoin lending activities and does not contain any significant unobservable inputs. There were no digital assets held as collateral related to Circle stablecoin lending activities as of December 31, 2024.
Convertible debt, net of debt discount
On
March 1, 2019
, the Company issued a convertible note in connection with an acquisition. The note had a par value of $
24.0
 million, matures in seven years and is convertible into Series E preferred shares with a
2.9
% interest rate. 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
on 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 11.3. Changes in Carrying Value of Convertible Debt
 
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 to Series E Preferred Shares
  
 
(14,788
) 
  
 
 
 
Balance as of December 31, 2024
  
$
40,717
 
  
 
 
 
 
Balance as of December 31, 2022
  
$
78,264
 
Net discount on convertible notes
  
 
1,042
 
Capitalized interest
  
 
470
 
Fair value adjustment
  
 
(20,107
) 
Fair value adjustment – credit risk
  
 
(1,182
) 
  
 
 
 
Balance as of December 31, 2023
  
$
58,487
 
  
 
 
 
The following significant unobservable inputs were used in the valuation:
Table 11.4. Significant Unobservable Inputs
 
 
  
December 31, 2024
 
 
December 31, 2023
 
Discount rate
  
 
7.5
% 
 
 
11.0
% 
Volatility
  
 
65.0
% 
 
 
66.5
% 
Risk-free rate
  
 
4.1
% 
 
 
4.2
% 
  
 
 
 
 
 
 
 
Nonrecurring fair value measurements
Non-financial assets such as digital assets, prior to the adoption of ASU 2023-08 on January 1, 2024, and investments accounted for under the measurement alternative are measured at fair value on a nonrecurring basis. The fair value of digital assets are based on Level 1 inputs. Certain investments accounted for under the measurement alternative were impaired. Refer to Note 9 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.
v3.25.2
Revenue recognition
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Revenue Recognition and Deferred Revenue [Abstract]    
Revenue recognition
 
11.
Revenue recognition
Disaggregation of Revenue
The following table summarizes the disaggregation of revenue by major product and service (in thousands):
 
Table 11.1. Revenue by Product and Service
  
 
 
  
 
 
  
 
 
  
 
 
 
  
Three months ended June 30,
 
  
Six months ended June 30,
 
 
  
2025
 
  
2024
 
  
2025
 
  
2024
 
Reserve income
  
$
634,274
 
  
$
423,263
 
  
$
1,192,185
 
  
$
782,902
 
Other revenue
  
  
  
  
Subscription and services
  
 
17,784
 
  
 
5,000
 
  
 
36,495
 
  
 
6,001
 
Transaction revenue
  
 
5,825
 
  
 
226
 
  
 
7,451
 
  
 
644
 
Other
  
 
195
 
  
 
1,541
 
  
 
520
 
  
 
5,577
 
Total other revenue
  
$
23,804
 
  
$
6,767
 
  
$
44,466
 
  
$
12,222
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenue and reserve income
  
$
658,078
 
  
$
430,030
 
  
$
1,236,651
 
  
$
795,124
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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 stablecoins 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. Transaction revenue contracts constitute a series of distinct processing services that the Company stands ready to provide to the customers over the contract period. 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 revenues 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
  
 
10,413
 
Revenue recognized that was included in the beginning period
  
 
(15,296
) 
  
 
 
 
Balance at
June 30, 2025
  
$
8,507
 
  
 
 
 
Balance at December 31, 2023
  
$
2,499
 
Deferred revenue billed in the current period, net of recognition
  
 
106
 
Revenue recognized that was included in the beginning period
  
 
(2,439
) 
  
 
 
 
Balance at
June 30, 2024
  
$
166
 
  
 
 
 
12. Revenue recognition
Disaggregation of Revenue
The following table summarizes the disaggregation of revenue by major product and service (in thousands):
Table 12.1. Revenue by Product and Service
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Reserve income
  
$
1,661,084
 
  
$
1,430,606
 
  
$
735,885
 
Other revenue:
  
  
  
Transaction services
  
$
6,013
 
  
$
9,896
 
  
$
21,885
 
Treasury services
  
 
— 
 
  
 
— 
 
  
 
7,509
 
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Integration services
  
 
6,000
 
  
 
6,990
 
  
 
1,022
 
Other
  
 
3,156
 
  
 
2,974
 
  
 
5,751
 
  
 
 
 
  
 
 
 
  
 
 
 
Total other revenue
  
 
15,169
 
  
 
19,860
 
  
 
36,167
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenue and reserve income from continuing operations
  
$
1,676,253
 
  
$
1,450,466
 
  
$
772,052
 
  
 
 
 
  
 
 
 
  
 
 
 
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, investments in available-for-sale debt securities 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 stablecoins and related transactional or wallet infrastructure. The components of other revenue primarily includes revenues from transaction services, integration services and other revenues.
Transaction services relate to the processing of Circle stablecoin native payments, payouts to sellers, vendors or end-users as well as ledger management and facilitating digital asset transactions. Transaction services contracts constitute a series of distinct payment processing services that Circle stands ready to provide to the customers over the contract period. The transaction price for these services is entirely variable based on the number of transactions processed, and consideration is allocated to the distinct service that forms part of its single performance obligation to provide payment processing services. Revenue is recognized over time as the performance obligation is met. The Company incurs expenses to assist in fulfilling obligations to process payment transactions. The Company acts as the principal in providing transaction services to customers and, therefore, recognizes associated revenue and expenses on a gross basis.
Integration services relate to the implementation of Circle stablecoins on public blockchains. Payment for integration services received at the inception of the contract 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. Integration services contracts typically have one performance obligation, and revenue is recognized at a point in time when the technical implementation is complete.
Other revenues are primarily generated from Developer Services. Developer Services provide customers with a suite of tools to securely custody digital assets, develop applications with Circle Wallets, enable custom transaction workflows and enhance operational efficiency. Revenue is earned primarily through subscription fee contracts that typically have one performance obligation provided and is satisfied over the contractual life of the agreement. In certain instances, customers prepay their monthly subscription by paying annually or quarterly. In those instances, the Company recognizes revenue over the life of the contract.
 
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 12.2. Changes in Deferred Revenue
 
Balance at December 31, 2023
  
$
2,499
 
Deferred revenue billed and acquired 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
 
Balance at December 31, 2022
  
$
3,155
 
Deferred revenue billed and acquired in the current period, net of recognition
  
 
2,499
 
Revenue recognized that was included in the beginning period
  
 
(3,155
) 
  
 
 
 
Balance at December 31, 2023
  
$
2,499
 
  
 
 
 
v3.25.2
Other expense (income), net
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Other Nonoperating Income (Expense) [Abstract]    
Other expense (income), net
12.
Other expense (income), net
The following table presents our major categories of
Other (expense) income, net
(in thousands):
 
Table 12.1. Other (expense) income, net
  
 
 
  
 
 
  
 
 
  
 
 
 
  
Three months ended
June 30,
 
  
Six months ended June 30,
 
 
  
2025
 
  
2024
 
  
2025
 
  
2024
 
Gains (losses) on digital assets and other investments, net
  
$
5,233
 
  
$
(1,478
) 
  
$
(3,030
) 
  
$
2,888
 
Interest income on corporate balances
  
 
9,952
 
  
 
8,460
 
  
 
17,917
 
  
 
16,813
 
Changes in fair value of convertible debt, warrant liability, and embedded derivatives
  
 
(167,724
) 
  
 
(4,586
) 
  
 
(170,106
) 
  
 
3,509
 
Interest expense and amortization of discount
  
 
(344
) 
  
 
(504
) 
  
 
(679
) 
  
 
(1,001
) 
Other, net
  
 
(7,538
) 
  
 
29
 
  
 
(7,626
) 
  
 
269
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Other (expense) income, net
  
$
(160,421
) 
  
$
1,921
 
  
$
(163,524
) 
  
$
22,478
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
13. Other income (expense), net
The following table presents our major categories of
Other income (expense), net
(in thousands):
Table 13. Other income (expense), net
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Interest income on corporate balances
  
$
34,712
 
  
$
29,262
 
  
$
8,645
 
Changes in fair value of convertible debt, warrant liability, and embedded derivatives
  
 
11,653
 
  
 
24,865
 
  
 
(698,936
) 
Gains (losses) on digital assets and other investments, net
  
 
8,560
 
  
 
(3,648
) 
  
 
(29,367
) 
Interest expense and amortization of discount
  
 
(1,906
) 
  
 
(1,912
) 
  
 
(2,684
) 
Other, net
  
 
1,397
 
  
 
854
 
  
 
1,949
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Other income (expense), net
  
$
54,416
 
  
$
49,421
 
  
$
(720,393
) 
  
 
 
 
  
 
 
 
  
 
 
 
v3.25.2
Income Taxes
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Income Taxes
13.
Income taxes
For the three
months ended June 30, 2025
and 2024
, the Company recorded consolidated income tax benefit from continuing operations of $
3.9
million and income tax expense of $
19.2
million, which represent effective tax rates of
0.8
% and
36.9
%, respectively.
For the six
months ended June 30
, 2025
and 2024
, the Company recorded consolidated income tax expense from continuing operations of $
21.1
million and $
43.5
million, which represent effective tax rates of
(5.3)
% and
34.8%, respectively.
The Company’s income tax expense and effective tax rate can fluctuate period to period based on the levels of net income before income taxes, the mix of profits earned in various tax jurisdictions with differing statutory tax rates, the magnitude of non-deductible items and tax credits, changes in valuation allowances, and the impact of discrete items. The income tax expense for the three and six months ended June 30, 2025, were significantly reduced by share-based compensation deductions related to the vesting of shares at the time of the IPO.
 
14. Income taxes
The Company’s net income (loss) from continuing operations before provision for income taxes for the years ended December 31, 2024, 2023, and 2022 consists of the following (in thousands):
Table 14.1. Net Income (loss) before Income Taxes
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Domestic
  
$
241,476
 
  
$
364,179
 
  
$
25,997
 
Foreign
  
 
(19,902
) 
  
 
(45,230
) 
  
 
(784,506
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total net income (loss) before provision for income taxes
  
$
221,574
 
  
$
318,949
 
  
$
(758,509
) 
  
 
 
 
  
 
 
 
  
 
 
 
 
The components of the provision for income taxes from continuing operations consist of the following (in thousands):
Table 14.2. Components of Income Taxes
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Current:
  
  
  
Federal
  
$
57,623
 
  
$
66,186
 
  
$
3,860
 
State
  
 
10,226
 
  
 
13,225
 
  
 
2,221
 
Foreign
  
 
542
 
  
 
882
 
  
 
(2,032
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Current
  
$
68,391
 
  
$
80,293
 
  
$
4,049
 
  
 
 
 
  
 
 
 
  
 
 
 
Deferred:
  
  
  
Federal
  
 
7,625
 
  
 
(31,383
) 
  
 
(394
) 
State
  
 
(652
) 
  
 
(834
) 
  
 
— 
 
Foreign
  
 
(10,781
) 
  
 
(676
) 
  
 
(392
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Deferred
  
 
(3,808
) 
  
 
(32,893
) 
  
 
(786
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
64,583
 
  
$
47,400
 
  
$
3,263
 
  
 
 
 
  
 
 
 
  
 
 
 
Intraperiod tax allocation rules require the Company to allocate the provision for income taxes between continuing operations and other categories of earnings, such as discontinued operations and other comprehensive income. The Company recorded income taxes of $
798
thousand and $
0
to discontinued operations in 2024 and 2023, respectively.
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 14.3. Effective Tax Rate Reconciliation
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Federal income taxes at
21
%
  
$
46,530
 
  
$
66,979
 
  
$
(159,287
) 
Foreign tax credit reduction
  
 
10,175
 
  
 
— 
 
  
 
— 
 
Provision to return adjustments
  
 
(6,792
) 
  
 
1,416
 
  
 
(43
) 
State income taxes, net of federal benefit
  
 
6,591
 
  
 
9,712
 
  
 
1,638
 
Stock-based compensation
  
 
4,446
 
  
 
16,205
 
  
 
2,593
 
Federal research and experimentation credits
  
 
(4,067
) 
  
 
(756
) 
  
 
(4,974
) 
Other non-deductible Irish expenses
  
 
3,617
 
  
 
2,285
 
  
 
15,852
 
Foreign rate differential
  
 
(3,404
) 
  
 
25
 
  
 
2,154
 
Change in valuation allowance
  
 
3,283
 
  
 
(48,107
) 
  
 
2,438
 
ASC 740-10 reserve
  
 
2,230
 
  
 
(1,860
) 
  
 
2,282
 
Other
  
 
1,974
 
  
 
5,705
 
  
 
339
 
Change in fair value of convertible notes
  
 
— 
 
  
 
— 
 
  
 
140,271
 
IP transfer
  
 
— 
 
  
 
(4,204
) 
  
 
— 
 
  
 
 
 
  
 
 
 
  
 
 
 
Income tax expense
  
$
64,583
 
  
$
47,400
 
  
$
3,263
 
  
 
 
 
  
 
 
 
  
 
 
 
 
Significant components of the Company’s net deferred tax assets and liabilities consist of the following (in thousands):
Table 14.4. Significant Components of Deferred Tax Assets and Liabilities
 
 
  
December 31, 2024
 
  
December 31, 2023
 
Deferred tax assets:
  
  
Stock based compensation
  
$
25,723
 
  
$
20,561
 
Capitalized research expenses
  
 
18,250
 
  
 
12,593
 
Net operating loss carryforwards
  
 
12,988
 
  
 
16,106
 
Accruals and reserves
  
 
11,431
 
  
 
7,393
 
Capital loss carryforward
  
 
5,760
 
  
 
3,353
 
Lease liabilities
  
 
3,741
 
  
 
305
 
Tax credit carryforwards
  
 
1,418
 
  
 
89
 
Unrealized loss on investments
  
 
1,368
 
  
 
10,852
 
Other, net
  
 
395
 
  
 
69
 
Unrealized foreign currency exchange gain (loss)
  
 
— 
 
  
 
68
 
  
 
 
 
  
 
 
 
Total deferred tax assets
  
 
81,074
 
  
 
71,389
 
Valuation allowance
  
 
(31,029
) 
  
 
(29,638
) 
  
 
 
 
  
 
 
 
Total deferred tax assets, net of valuation allowance
  
 
50,045
 
  
 
41,751
 
Deferred tax liabilities:
  
  
Intangible assets
  
 
(53,925
) 
  
 
(59,472
) 
Foreign branch income
  
 
(10,175
) 
  
 
— 
 
Right-of-use assets
  
 
(3,689
) 
  
 
(273
) 
Credit risk adjustment
  
 
(1,049
) 
  
 
(802
) 
Fixed assets
  
 
(290
) 
  
 
(444
) 
Unrealized foreign currency exchange gain (loss)
  
 
(253
) 
  
 
— 
 
Other
  
 
— 
 
  
 
(376
) 
  
 
 
 
  
 
 
 
Total deferred tax liabilities
  
 
(69,381
) 
  
 
(61,367
) 
  
 
 
 
  
 
 
 
Deferred tax liabilities, net
  
$
(19,336
) 
  
$
(19,616
) 
  
 
 
 
  
 
 
 
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 the year, 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 U.S. federal net operating losses of $
3.4
million are subject to limitations under the Separate Return Limitation Year rules and have an indefinite carryforward period, while the state net operating losses begin to expire in 2038. In addition, the Company has U.S. federal and State capital loss carryforwards of $
8.4
million which begin to expire in 2027.
The Company also has foreign net operating losses carryforwards and capital loss carryforwards of approximately $
49.2
million and $
12.8
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, “Accounting for Uncertainty in Income Taxes—An Interpretation of FASB No. 109.” ASC 740 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, 2024 and 2023, the Company maintained uncertain tax position reserves of $
4.8
million and $
2.2
 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, $
4.4 
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 14.5. Summary of Uncertain Tax Positions Activities
 
 
  
December 31, 2024
 
  
December 31, 2023
 
Beginning balance
  
$
2,158
 
  
$
3,812
 
Increase related to tax positions taken during current year
  
 
1,511
 
  
 
253
 
Decrease related to tax positions taken during prior years
  
 
1,154
 
  
 
(1,907
) 
  
 
 
 
  
 
 
 
Ending balance
  
$
4,823
 
  
$
2,158
 
  
 
 
 
  
 
 
 
None of the $
4.8
 million of uncertain tax position reserves as of December 31, 2024 are anticipated to reverse within the next 12 months. Management believes that it has sufficient accrued liabilities as of December 31, 2024 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 2024. The Company is currently under audit in Massachusetts for tax year 2021 by the Massachusetts Department of Revenue. There are no other open income tax examinations as of December 31, 2024. The Company is also subject to income taxes in 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, 2024, 2023 and 2022, 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 t
he
 
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.
v3.25.2
Debt
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
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. 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. Subsequent to the IPO, the remaining 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.
The Company has elected the fair value option for recording its convertible notes on the unaudited Condensed Consolidated Balance Sheets, which are recorded at a net discount on acquisition date. The fair value of outstanding convertible notes was $
206.1
million and $
40.7
million as of June 30, 2025 and December 31, 2024, respectively, and are reflected as
Convertible debt, net of debt discount
on the unaudited Condensed Consolidated Balance Sheets. The debt discount is amortized and included in
Other (expense) income, net
in the unaudited Condensed Consolidated Statements of Operations. The change in fair value of the convertible notes is included in
Other (expense) income, net
in the unaudited Condensed Consolidated Statements of Operations.
15. 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
,000 Series E preferred shares with a strike price of $
16.23
per share with an expiration date of February 21, 2025. These outstanding warrants are classified as liabilities and have a fair value of $
1.6
million as of December 31, 2024 and 2023, which are reflected as
Warrant liability
on the Consolidated Balance Sheets.
Convertible debt, net of debt discount
In March 2019, the Company entered into an agreement with an investment company to issue two convertible promissory notes in connection with an acquisition. Pursuant to the agreement, the Company agrees to pay the holder the principal amount together with any interest on the unpaid principal balance for the two notes beginning on the date of the agreement. The first note has a principal amount of $
24.0
 million and is convertible into Series E preferred stock subject to the conversion provisions in the agreement (collectively the “First Note”). The First 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. At any time during the term and at the sole discretion of the holder, all or a portion of the principal amount with any accrued and unpaid interest (collectively the “Conversion Amount”) can at the election of the holder be converted in Series E preferred shares. The outstanding Conversion Amount will convert into a specified number of shares of Series E preferred stock at a conversion price per share equal to $
16.23
.
The second note had a principal amount of $
10.0
 million and the Company repaid the remaining principal including capitalized amounts of $
10.7
 million and interest of $
0.1
 million on March 1, 2021. In September 2024, certain holders of the Company’s convertible notes converted their principal balance of $
8.3
 million into
524,009
shares of Series E Preferred Shares at a conversion rate of $
16.23
per share.
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 $
40.7
million and $
58.5
 million as of December 31, 2024 and 2023, 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.
v3.25.2
Stockholders' equity
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
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.
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 their related entities 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
June 30, 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 June 30, 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
  
 
 
  
 
 
 
  
June 30,
2025
 
  
December 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 combinations
  
 
2,015
 
  
 
548
 
Common stock issuable under stock award plan
  
 
37,518
 
  
 
42,694
 
Common stock available for future issuance under stock award plan
  
 
31,105
 
  
 
9,649
 
  
 
 
 
  
 
 
 
Total
  
 
70,638
 
  
 
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 with 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.
 As of June 30, 2025, 3.4 million of these warrants have expired. There were no marketing expenses or distribution and transaction costs related to the warrants for the three and six months ended June 30, 2025 and 2024. None of the common shares associated with these 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 with Class A common stock upon exercise. The warrants have an exercise price of $
25.09
per share. They expire five years from the grant date and the vesting of the warrants is subject to a performance condition. The fair value of the warrants, approximately $
43.9 million, was measured at the time of issuance
 
using the Black-Scholes option pricing model using the following assumptions: the Company’s estimated common share price on the grant date, a term of five years, a dividend yield of zero, volatility of 51%, and a risk-free rate of 4.38%. The warrants will be expensed over the requisite service period if and when the achievement of the performance condition is probable. There were no marketing expenses or distribution and transaction costs related to the warrants for the three and six months ended June 30, 2025 and 2024. 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 Class A common stock. The warrants vest based upon the achievement of certain performance conditions 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 warrants are subject to certain performance conditions to be achieved within a three-year period. 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 were $4.6 million and $
5.6
million distribution and transaction costs related to the warrants for the three and six months ended June 30, 2025. None of the common shares associated with these warrants have been exercised, 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.
16. Stockholders’ equity
Common Stock
In accordance with the Amended and Restated Certificate of Incorporation, effective as of July 1, 2024 (as the same may be amended from time to time, the “Charter”), as amended by that certain Certificate of Amendment to the Charter, effective December 30, 2024, the Company is authorized to issue
300.0
 million shares of Class A Common Stock with a par value of $
0.0001
per share (“Class A Common Stock”) and
300.0
 million shares of Class B Common Stock with a par value of $
0.0001
per share (“Class B Common Stock”). As of December 31, 2024, the Company has not issued any shares of Class B Common Stock.
 
The voting, dividend and liquidation rights of the holders of the Class A 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. The holders of Circle’s Class A Common Stock are entitled to one vote for each share of common stock held, subject to certain limitations pertaining to the Circle’s preferred stock.
As of December 31, 2024 and 2023, the Company has the following number of common shares reserved (in thousands):
Table 16. Details of Common Shares Reserved
 
 
  
December 31, 2024
 
  
December 31, 2023
 
Conversion of Series A redeemable convertible preferred stock
  
 
33,621
 
  
 
33,621
 
Conversion of Series B redeemable convertible preferred stock
  
 
17,586
 
  
 
17,586
 
Conversion of Series C redeemable convertible preferred stock
  
 
18,445
 
  
 
18,445
 
Conversion of Series D redeemable convertible preferred stock
  
 
23,203
 
  
 
23,203
 
Conversion of Series E redeemable convertible preferred stock
  
 
37,391
 
  
 
36,867
 
Conversion of Series F redeemable convertible preferred stock
  
 
9,516
 
  
 
9,516
 
Common stock issuable in connection with business combinations
  
 
548
 
  
 
2,036
 
Common stock issuable under stock award plan
  
 
42,694
 
  
 
35,353
 
Common stock available for future issuance under stock award plan
  
 
9,649
 
  
 
763
 
  
 
 
 
  
 
 
 
Total
  
 
192,653
 
  
 
177,390
 
  
 
 
 
  
 
 
 
Treasury Stock
In September and October 2023, the Company entered into an agreement with certain employees and a Director of the Company and repurchased
0.3
 million common shares at a price of $
25.09
per share. These shares repurchased were canceled in December 2023.
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 with common shares of Circle Group 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, 2024 and 2023. None of the common shares associated with these warrants have been exercised, forfeited or expired.
 
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 with common shares of the Company 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, 2024 and 2023. 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 includes the issuance of warrants to purchase up to approximately
2.9
 million common shares of Circle Group. The warrants vest based upon the achievement of certain performance conditions 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 warrants are subject to certain performance conditions to be achieved within a three-year period. 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 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 distribution and transaction costs related to the warrants for the year ended December 31, 2024. None of the common shares associated with these warrants have been exercised, forfeited or expired.
v3.25.2
Redeemable convertible preferred stock
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Redeemable Convertible Preferred Stock [Abstract]    
Redeemable convertible preferred stock
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 June 30, 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 class
  
Issue Date
  
Issue price
 
  
Conversion

price
 
  
Liquidation

preference
 
  
Shares issued

(in thousands)
 
Series A
  
8/22/2013
  
$
0.27
 
  
$
0.27
 
  
$
0.27
 
  
 
33,621
 
Series B
  
2/26/2014
  
$
0.97
 
  
$
0.97
 
  
$
0.97
 
  
 
17,586
 
Series C
  
4/10/2015
  
$
2.17
 
  
$
2.17
 
  
$
2.17
 
  
 
18,445
 
Series D
  
5/17/2016
  
$
2.76
 
  
$
2.76
 
  
$
2.76
 
  
 
23,203
 
Series E
  
Various
  
$
16.23
 
  
$
16.23
 
  
$
16.23
 
  
 
37,391
 
Series F
  
5/9/2022
  
$
42.14
 
  
$
42.14
 
  
$
42.14
 
  
 
9,516
 
17. Redeemable convertible preferred stock
In 2013, the Company issued
33.6
 million shares of Series A redeemable convertible preferred stock (“Series A Preferred Stock”), par value of $
0.0001
, at a purchase price of approximately $
0.27
per share for total cash proceeds of $
9.0
 million.
In 2014, the Company issued
17.6
 million shares of Series B redeemable convertible preferred stock (“Series B Preferred Stock”), par value of $
0.0001
, at a purchase price of approximately $
0.97
per share for total cash proceeds of $
17.0
 million.
In 2015, the Company issued
23.1
 million of Series C redeemable convertible preferred stock (“Series C Preferred Stock”) and Series C-1 redeemable convertible preferred stock (“Series C-1 Preferred Stock”), par value of $
0.0001
, at a purchase price of approximately $
2.17
per share for total cash proceeds of $
50.1
 million.
In 2016 and 2017, the Company issued a total of
23.2
 million of Series D redeemable convertible preferred stock (“Series D Preferred Stock”), par value of $
0.0001
, at a purchase price of approximately $
2.76
per share for total cash proceeds of $
64.1
 million, net of $
0.1
 million of issuance costs.
In 2018, the Company issued
9.1
 million of Series E redeemable convertible preferred stock (“Series E Preferred Stock”) par value of $
0.0001
, at a purchase price of approximately $
16.23
per share for total cash proceeds of $
148.9
 million.
In October 2019,
4.6
 million shares of Series C Preferred Stock were forfeited.
In March 2022, the holders of the Company’s convertible notes automatically converted their principal balance of $
451.0
 million into
27,790
 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 $
1,525.0
 million, of which
 
$
451.0
 million principal balance was converted to Series E Preferred Stock and $
1,074.0
 million was recorded in Additional paid-in capital.
In May 2022
, the Company issued
9.5
 million of Series F redeemable convertible preferred stock (“Series F Preferred Stock”) par value of $
0.0001
, at a purchase price of approximately $
42.14
per share for total cash proceeds of $
401.0
 million.
In September 2024
, a portion of the holders of the Company’s convertible notes converted their principal balance of $
8.3
million into
524,009
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 was recorded in Additional paid-in capital.
The holders of the Series A, Series B, Series C, Series D, Series E and Series F preferred stock (collectively, “Voting Preferred Stock”) have various rights and preferences as follows:
Voting
The holders of the Voting Preferred Stock shall be entitled to such number of votes equal to the number of whole common stock into which the preferred stock held by such holder are convertible in accordance with conversion rules as of the record date for determining stockholders entitled to vote on such matter and shall have voting rights and powers equal to the voting rights and powers of the common stock. The holders of the Series A Preferred Stock shall be entitled to appoint and remove two
Directors to the Board. The holders of Series C Preferred Stock are entitled to appoint and remove one
Director to the Board. The holders of Series C-1
Preferred Stock have no
voting rights except where it may be statutorily required.
Dividends
The holders of the Preferred Stock shall be entitled to cash dividends at the rate of eight
percent of the original price per annum, payable only when as and if declared by the Board out of profits of the Company available for distribution in priority to any declaration or payment of any dividend or other distribution on any other class of stock in the capital of the Company. The dividends shall not be cumulative and shall be paid in immediately available funds.
Liquidation
Upon a liquidation event, whether voluntary or involuntary, any amounts or combined assets of Circle and its subsidiaries legally available for distribution to holders of the Company’s stock of all classes, shall be paid as follows: first, the holders of the preferred stock shall be entitled, before any distribution or payment is made upon any common stock to be paid an amount per preferred stock equal to the greater of (i) the sum of (A) $
0.27
per preferred stock for Series A or $
0.97
per preferred stock for Series B or $
2.17
for Series C or Series C-1
or $
2.76
for Series D or $
16.23
for Series E or $
42.14
for Series F, subject to appropriate adjustment in the event of any combination, consolidation, recapitalization, stock split, stock dividend or the like affecting such stock, and (B) the amount of all arrears of all declared but unpaid dividends and (ii) the amount per stock as would have been payable had all Preferred Stock been converted into common stock prior to the liquidations. If upon the liquidation, the available assets shall be insufficient to make payment in full to all holders of the Preferred Stock, then the available assets shall be distributed among the holders of Preferred Stock at the time issued, ratably in proportion to the full amounts to which they would otherwise be respectively entitled if the entire preferred stock liquidation preference were paid in full. Second, after the payment of the full Preferred Stock liquidation preference, the remaining available assets shall be distributed ratably to the holders of the common stock based on the number of common stock held by each such holder.
Redemption
To the extent the preferred stock has not been previously redeemed or converted, a holder of preferred stock may require Circle to redeem its preferred stock, with prior written consent of at least 55% of the holders of
 
Voting Preferred Stock. A redemption would occur in three annual installments that could commence no sooner than May 6, 2027. Redemptions, if any, will be made from profits available for distribution to the extent available. If there are insufficient profits available for distribution to redeem all of the preferred stock to be redeemed, Circle will redeem the remaining shares to be redeemed as soon as there are sufficient profits available for distribution.
Conversion
The Preferred Stock may at the option of the holder thereof be converted at any time into fully-paid common stock. In addition, each preferred share shall automatically be converted into common stock upon the closing of an underwritten public offering of the Company’s common stock at a price per share of not less than $
32.64
, subject to certain adjustments, where the Company receives proceeds of $
150.0
 million or more. The number of Class A Common Stock and Class B Common Stock into which each Series A or Series B or Series C or Series C-1 or Series D or Series E or Series F preferred stock may be converted shall be determined by dividing the Series A or Series B or Series C or Series C-1 or Series D or Series E or Series F original price by the Series A or Series B or Series C or Series C-1 or Series D or Series E or Series F conversion price (as defined in the Charter), in effect at the time of the conversion, as applicable.
Following is a presentation of the key characteristics and shares outstanding for each class of the Company’s preferred stock as of December 31, 2024:
Table 17. Details of Preferred Stocks
 
Preferred stock class
  
Issue Date
  
Issue
price
 
  
Conversion

price
 
  
Liquidation

preference
 
  
Shares issued and

outstanding (in
thousands)
 
Series A
  
8/22/2013
  
$
0.27
 
  
$
0.27
 
  
$
0.27
 
  
 
33,621
 
Series B
  
2/26/2014
  
$
0.97
 
  
$
0.97
 
  
$
0.97
 
  
 
17,586
 
Series C
  
4/10/2015
  
$
2.17
 
  
$
2.17
 
  
$
2.17
 
  
 
18,445
 
Series D
  
5/17/2016
  
$
2.76
 
  
$
2.76
 
  
$
2.76
 
  
 
23,203
 
Series E
  
Various
  
$
16.23
 
  
$
16.23
 
  
$
16.23
 
  
 
37,391
 
Series F
  
5/9/2022
  
$
42.14
 
  
$
42.14
 
  
$
42.14
 
  
 
9,516
 
  
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
v3.25.2
Stock-based compensation
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]    
Stock-based compensation
17.
Stock-based compensation
Stock-based compensation expense was $
435.0
million and $
16.7
million for the three months ended June 30, 2025 and 2024, respectively, and $
447.7
million and $
26.2
million for the six months ended June 30, 2025 and 2024, respectively. The capitalized stock-based compensation expense related to internally developed software was $
65.6
million and $
3.5
million for the three months ended June 30, 2025 and 2024, respectively, and $
68.3
 million and $
6.9
million for the six months ended June 30, 2025 and 2024, respectively.
Stock options
Granted stock options generally have 10 year terms and have vesting periods ranging from 12 months to 48 months.
A summary of outstanding stock options activities for the six months ended June 30, 2025 is presented as below:
 
Table 17.1. Summary of Outstanding Stock Options Activities
 
 
  
Number of
Stock

Options
(in thousands)
 
  
Weighted

Average
Exercise
Price
 
  
Weighted

Average
Remaining
Contractual
Term
(in years)
 
  
Aggregate
Intrinsic Value
(in thousands)
 
Balance as of December 31, 2024
  
 
22,751
 
  
$
8.48
 
  
 
5.5
 
  
$
522,900
 
Options exercised
  
 
(1,955
) 
  
 
3.48
 
  
  
Options forfeited
  
 
(93
) 
  
 
20.62
 
  
  
  
 
 
 
  
 
 
 
  
  
Balance as of June 30, 2025
  
 
20,703
 
  
 
8.90
 
  
 
4.6
 
  
 
3,568,967
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Exercisable at June 30, 2025
  
 
19,630
 
  
$
7.84
 
  
 
4.5
 
  
$
3,404,931
 
 
A summary of outstanding unvested stock options activities for the six months ended June 30, 2025 is presented as below:
 
Table 17.2. Summary of Outstanding Unvested Stock Options Activities
 
 
  
Number of

Shares
(in thousands)
 
  
Weighted

Average
Exercise
Price
 
Balance as of December 31, 2024
  
 
2,115
 
  
$
23.81
 
Options vested
  
 
(1,035
) 
  
 
19.20
 
Options forfeited
  
 
(8
) 
  
 
17.06
 
  
 
 
 
  
 
 
 
Balance as of June 30, 2025
  
 
1,072
 
  
$
28.30
 
  
 
 
 
  
 
 
 
As of June 30, 2025, unrecognized stock-based compensation cost related to outstanding unvested stock options that are expected to vest was $
13.9
million, which is expected to be recognized over a weighted-average period of
1.5
years.
Restricted stock units (RSUs)
Prior to the IPO, RSUs granted under the award plan generally vested upon the satisfaction of both a service condition and a liquidity-event related performance condition. Both the service and liquidity-event related performance conditions needed to be met for the expense to be recognized. RSUs granted after the IPO generally vest solely based on the satisfaction of a service condition. We record stock-based compensation expense for service-based RSUs on a straight-line basis over the requisite service period, which is generally the vesting period.
Prior to the IPO, we had not recognized stock-based compensation expense related to certain RSU awards as the qualifying liquidity-event related performance condition had not yet occurred and was not considered probable of occurring. 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 six months ended June 30, 2025 is as follows:
 
17.3. Summary of Restricted Stock Units Activities
  
 
 
  
 
 
 
  
Number of
Shares
(in thousands)
 
  
Weighted-
Average
Grant Date

Fair Value
 
Balance as of December 31, 2024
  
 
19,943
 
  
$
30.85
 
RSUs granted
  
 
7,129
 
  
 
31.13
 
RSUs vested
  
 
(9,543
) 
  
 
33.37
 
RSUs forfeited
  
 
(714
) 
  
 
29.67
 
  
 
 
 
  
 
 
 
Balance as of June 30, 2025
  
$
16,815
 
  
$
29.58
 
  
 
 
 
  
 
 
 
As of June 30, 2025, unrecognized stock-based compensation cost related to outstanding unvested RSUs that are expected to vest was $
309.9
million, which is expected to be recognized over a weighted-average period of
3.2 
years.
 
Shares issued for business combinations
The Company has issued the following share-based payments 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 share-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.
 
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, 2024
  
 
548
 
  
$
47.82
 
Shares issued
  
 
1,473
 
  
 
31.16
 
Shares forfeited
  
 
(6
) 
  
 
47.82
 
  
 
 
 
  
 
 
 
Balance as of June 30, 2025
  
$
2,015
 
  
$
35.64
 
  
 
 
 
  
 
 
 
For the three and six months ended June 30, 2025 post-combination stock-based compensation cost included in the stock-based compensation expense was $
8.2
million and $
15.3 million. For the three and six months ended
 
June 30,
2024, post-combination stock-based compensation cost included in the stock-based compensation expense was $9.8
million and $
20.2
million, respectively. As of June 30, 2025 unrecognized stock-based compensation cost related to outstanding unvested shares and warrants issued for business combinations that are expected to vest was $
48.1
million which is expected to be recognized over a weighted-average period of
2.3
years
 
18. Stock-based compensation
Stock-based compensation expense was $
50.1
million, $
108.0
million and $
69.3
 million for the years ended December 31, 2024, 2023 and 2022, respectively. During the year ended December 31, 2023, the incremental compensation expense related to modified awards for employee terminations and extended option exercise periods was $
31.6
million, which was also included in the stock-based compensation expense. The capitalized stock-based compensation expense related to internally developed software was $
13.6
million, $
13.1
million and $
6.3
 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Stock options
Granted stock options generally have 10 years terms and have vesting periods ranging from 12 to 48 months.
There were
no
options granted for the year ended December 31, 2024. The weighted average assumptions utilized in the valuation of options granted are presented as below:
Table 18.1. Stock Options Valuation Assumptions
 
 
  
2023
 
  
2022
 
Risk-free interest rate
  
 
3.5% - 4.3%
 
  
 
1.8% - 2.9%
 
Expected term (years)
  
 
6.1 
- 
6.3
 
  
 
5.8 
- 
6.8
Expected volatility
  
 
46
% - 
47
%
 
  
 
50% - 55%
 
Expected annual dividend
  
 
—
 
 
  
 
—
 
 
  
 
 
 
  
 
 
 
 
A summary of outstanding stock options activities for the years ended December 31
, 2024
and 2023
is presented as below:
Table 18.2. 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, 2023
  
 
24,453
 
  
$
8.26
 
  
 
6.50
 
  
$
488,807
 
Options exercised
  
 
(1,221
) 
  
 
1.32
 
  
  
Options forfeited
  
 
(481
) 
  
 
15.34
 
  
  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2024
  
 
22,751
 
  
 
8.48
 
  
 
5.53
 
  
 
522,900
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Exercisable at December 31, 2024
  
 
20,636
 
  
$
6.91
 
  
 
5.32
 
  
$
505,237
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
  
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, 2022
  
 
25,211
 
  
$
6.69
 
  
 
7.06
 
  
$
821,385
 
Options granted
  
 
1,730
 
  
 
28.68
 
  
  
Options exercised
  
 
(990
) 
  
 
1.05
 
  
  
Options forfeited
  
 
(1,498
) 
  
 
10.19
 
  
  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2023
  
 
24,453
 
  
 
8.26
 
  
 
6.50
 
  
 
488,807
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Exercisable at December 31, 2023
  
 
18,331
 
  
$
5.02
 
  
 
6.03
 
  
$
421,091
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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 $
29.1
million and $
24.8
 million for the years ended December 31
, 2024
and 2023
, respectively.
The weighted-average grant date fair value of options granted was $
14.19
per share for the year ended December 31
, 2023
.
A summary of outstanding unvested stock options activities for the years ended December 31
, 2024
and 2023
is presented as below, respectively:
Table 18.3
. Summary of Outstanding Unvested Stock Options Activities
 
 
  
Number of

Shares

(in thousands)
 
  
Weighted

Average

Exercise Price
 
Balance as of December 31, 2023
  
 
6,122
 
  
$
17.94
 
Options vested
  
 
(3,720
) 
  
 
14.87
 
Options forfeited
  
 
(287
) 
  
 
14.51
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2024
  
 
2,115
 
  
$
23.81
 
  
 
 
 
  
 
 
 
 
 
  
Number of

Shares (in
thousands)
 
  
Weighted

Average

Exercise Price
 
Balance as of December 31, 2022
  
 
10,765
 
  
$
11.23
 
Options granted
  
 
1,730
 
  
 
28.68
 
Options vested
  
 
(5,580
) 
  
 
8.99
 
Options forfeited
  
 
(793
) 
  
 
13.21
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2023
  
 
6,122
 
  
$
17.94
 
  
 
 
 
  
 
 
 
 
As of December 31
, 2024
, unrecognized stock-based compensation cost related to outstanding unvested stock options that are expected to vest was $
23.7
 million, which is expected to be recognized over a weighted-average period of
1.4
years.
Restricted stock units (RSUs)
RSUs granted under the Award Plan generally vest upon the satisfaction of both a service condition and a liquidity-event related performance condition. Both the service and liquidity-event related performance conditions must be met for the expense to be recognized.
A summary of RSUs activities for the years ended December 31
, 2024
and 2023
is as follows:
Table 18.4
. Summary of Restricted Stock Units Activities
 
 
  
Number of

Shares (in
thousands)
 
  
Weighted-

Average

Grant Date

Fair Value
 
Balance as of December 31, 2023
  
 
10,900
 
  
$
34.96
 
RSUs granted
  
 
10,927
 
  
 
27.08
 
RSUs vested
  
 
(3
) 
  
 
27.81
 
RSUs forfeited
  
 
(1,881
) 
  
 
32.77
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2024
  
 
19,943
 
  
$
30.85
 
  
 
 
 
  
 
 
 
 
 
  
Number of

Shares (in
thousands)
 
  
Weighted-

Average

Grant Date

Fair Value
 
Balance as of December 31, 2022
  
 
7,183
 
  
$
38.78
 
RSUs granted
  
 
4,992
 
  
 
30.42
 
RSUs vested
  
 
(61
) 
  
 
33.17
 
RSUs forfeited
  
 
(1,214
) 
  
 
38.98
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2023
  
 
10,900
 
  
$
34.96
 
  
 
 
 
  
 
 
 
As of December 31
, 2024
, unrecognized stock-based compensation cost related to outstanding unvested RSUs that are expected to vest was $
528.0
 million, which is expected to be recognized over a weighted-average period of
0.9
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 share-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 18.5
. Summary of Shares Issued for Business Combinations Activities
 
 
  
Number of

Shares (in
thousands)
 
  
Weighted-

Average

Grant Date

Fair Value
 
Balance as of December 31, 2023
  
 
2,036
 
  
$
47.82
 
Shares vested
  
 
(1,445
) 
  
 
47.82
 
Shares forfeited
  
 
(43
) 
  
 
47.82
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2024
  
 
548
 
  
$
47.82
 
  
 
 
 
  
 
 
 
 
 
  
Number of

Shares (in
thousands)
 
  
Weighted-

Average

Grant Date

Fair Value
 
Balance as of December 31, 2022
  
 
2,952
 
  
$
47.82
 
Shares vested
  
 
(874
) 
  
 
47.82
 
Shares forfeited
  
 
(42
) 
  
 
47.82
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2023
  
 
2,036
 
  
$
47.82
 
  
 
 
 
  
 
 
 
For the year ended December 31, 2024, post-combination stock-based compensation cost included in the stock-based compensation expense was $
31.0
 million. As of December 31, 2024, unrecognized stock-based compensation cost related to outstanding unvested shares and warrants issued for business combinations that are expected to vest was $
17.8
 million, which is ex
pe
cted to be recognized over a weighted-average period of
1.6
 years.
v3.25.2
Earnings (loss) per share
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Earnings Per Share [Abstract]    
Earnings (loss) per share
18.
Earnings (loss) per share
The computation of net income per share is as follows (in thousands, except per share amounts):
 
Table 18.1. Earnings (loss) per share
                            
 
  
Three months ended June 30,
 
  
Six months ended
June 30,
 
 
  
2025
 
  
2024
 
  
2025
 
  
2024
 
Net income (loss)
  
$
(482,100
) 
  
$
32,923
 
  
$
(417,309
) 
  
$
81,562
 
Less: Dividend preference on preferred shares
  
 
— 
 
  
 
(32,923
) 
  
 
— 
 
  
 
(81,562
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net income (loss) available to common stockholders – basic
  
$
(482,100
) 
  
$
— 
 
  
$
(417,309
) 
  
Net income (loss)
  
$
(482,100
) 
  
$
32,923
 
  
$
(417,309
) 
  
$
81,562
 
Less: Changes in fair value of convertible debt and warrant liability
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
(1,053
) 
Less: Dividend preference on preferred shares
  
 
— 
 
  
 
(32,923
) 
  
 
— 
 
  
 
(80,509
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net income (loss) available to common stockholders – diluted
  
$
(482,100
) 
  
$
— 
 
  
$
(417,309
) 
  
$
— 
 
Weighted-average common shares – basic
  
 
107,514
 
  
 
54,396
 
  
 
82,877
 
  
 
54,186
 
Add: Weighted-average effect of dilutive securities
  
 
— 
 
  
 
16,020
 
  
 
— 
 
  
 
18,790
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Weighted-average common shares – diluted
  
 
107,514
 
  
 
70,416
 
  
 
82,877
 
  
 
72,976
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Earnings (loss) per common share, basic and diluted
  
$
(4.48
) 
  
$
0.00
 
  
$
(5.04
) 
  
$
0.00
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
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
                            
 
  
Three Months Ended
June 30,
 
  
Six months ended
June 30,
 
 
  
2025
 
  
2024
 
  
2025
 
  
2024
 
Redeemable convertible preferred stock
  
 
— 
 
  
 
139,237
 
  
 
— 
 
  
 
139,237
 
Stock options and RSUs
  
 
37,518
 
  
 
— 
 
  
 
37,518
 
  
 
— 
 
Common stock in connection with business combinations
  
 
2,103
 
  
 
332
 
  
 
2,103
 
  
 
332
 
Convertible debt, net of debt discount
  
 
1,125
 
  
 
1,617
 
  
 
1,125
 
  
 
— 
 
Warrants
  
 
— 
 
  
 
1,535
 
  
 
— 
 
  
 
— 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
 
40,746
 
  
 
142,721
 
  
 
40,746
 
  
 
139,569
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
19. Earnings (loss) per share
The computation of net income (loss) per share is as follows (in thousands, except per share amounts):
Table 19.1. Earnings (loss) per Share
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Net income (loss) from continuing operations
  
$
156,991
 
  
$
271,549
 
  
$
(761,772
) 
Net loss from discontinued operations
  
 
(1,324
) 
  
 
(3,987
) 
  
 
(7,075
) 
  
 
 
 
  
 
 
 
  
 
 
 
Net income (loss)
  
$
155,667
 
  
$
267,562
 
  
$
(768,847
) 
Adjustments:
  
  
  
Dividend preference on preferred shares
  
$
(91,044
) 
  
$
(90,363
) 
  
$
— 
 
Undistributed earnings allocated to preferred shares
  
 
(46,514
) 
  
 
(132,291
) 
  
 
— 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net income (loss) available to common stockholders – basic
  
$
18,109
 
  
$
44,908
 
  
$
(768,847
) 
  
 
 
 
  
 
 
 
  
 
 
 
Changes in fair value of convertible debt and warrant liability
  
$
(1,036
) 
  
$
(15,264
) 
  
$
— 
 
Dividend preference on preferred shares
  
 
(90,363
) 
  
 
(90,363
) 
  
 
— 
 
Undistributed earnings allocated to preferred shares
  
 
(42,154
) 
  
 
(109,037
) 
  
 
— 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net income (loss) available to common stockholders – diluted
  
$
22,114
 
  
$
52,898
 
  
$
(768,847
) 
  
 
 
 
  
 
 
 
  
 
 
 
Weighted-average common shares – basic
  
 
54,413
 
  
 
47,265
 
  
 
46,663
 
Weighted-average effect of dilutive securities
  
 
18,629
 
  
 
20,284
 
  
 
— 
 
  
 
 
 
  
 
 
 
  
 
 
 
Weighted-average common shares – diluted
  
 
73,042
 
  
 
67,549
 
  
 
46,663
 
Earnings (loss) per common share:
  
  
  
Basic earnings (loss) per share
  
  
  
Continuing operations
  
$
0.33
 
  
$
0.95
 
  
$
(16.33
) 
Discontinued operations
  
 
(0.00
) 
  
 
(0.00
) 
  
 
(0.15
) 
  
 
 
 
  
 
 
 
  
 
 
 
Basic earnings (loss) per common share
  
$
0.33
 
  
$
0.95
 
  
$
(16.48
) 
  
 
 
 
  
 
 
 
  
 
 
 
Diluted earnings (loss) per common share:
  
  
  
Continuing operations
  
$
0.30
 
  
$
0.78
 
  
$
(16.33
) 
Discontinued operations
  
 
(0.00
) 
  
 
(0.00
) 
  
 
(0.15
) 
  
 
 
 
  
 
 
 
  
 
 
 
Diluted earnings (loss) per common share
  
$
0.30
 
  
$
0.78
 
  
$
(16.48
) 
  
 
 
 
  
 
 
 
  
 
 
 
 
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 19.2. Potentially Dilutive Securities
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Redeemable convertible preferred stock
  
 
139,762
 
  
 
139,237
 
  
 
139,237
 
Stock options and RSUs
  
 
— 
 
  
 
— 
 
  
 
32,394
 
Common stock in connection with business combinations
  
 
211
 
  
 
1,027
 
  
 
3,262
 
Convertible debt
  
 
— 
 
  
 
— 
 
  
 
1,479
 
Warrants
  
 
— 
 
  
 
— 
 
  
 
1,535
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
 
139,973
 
  
 
140,264
 
  
 
177,907
 
  
 
 
 
  
 
 
 
  
 
 
 
v3.25.2
Accumulated other comprehensive income
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Comprehensive Income Note [Abstract]    
Accumulated other comprehensive income
19.
Accumulated other comprehensive income
Following is a summary of the changes in each component of accumulated other comprehensive income (in thousands):
 
Table 19.1. Accumulated Other Comprehensive Income
  
 
 
  
 
 
 
  
Three Months Ended
June 30,
 
 
  
2025
 
  
2024
 
Accumulated other comprehensive income
  
  
Beginning balance
  
$
5,369
 
  
$
4,885
 
Pre-tax change – Foreign currency translation adjustment
  
 
9,984
 
  
 
(378
) 
Pre-tax change – Unrealized (loss) gain on convertible notes – credit risk adjustment
  
 
13
 
  
 
(273
) 
Pre-tax change – Unrealized gain (loss) on available-for-sale securities
  
 
— 
 
  
 
(55
) 
  
 
 
 
  
 
 
 
Total accumulated other comprehensive income, net of tax
  
$
15,366
 
  
$
4,179
 
  
 
 
 
  
 
 
 
 
Table 19.2. Accumulated Other Comprehensive Income
  
 
 
  
 
 
 
  
Six Months Ended June
30,
 
 
  
2025
 
  
2024
 
Accumulated other comprehensive income
  
  
Beginning balance
  
$
3,644
 
  
$
4,929
 
Pre-tax change – Foreign currency translation adjustment
  
 
11,793
 
  
 
(608
) 
Pre-tax change – Unrealized (loss) gain on convertible notes – credit risk adjustment
  
 
(78
) 
  
 
91
 
Pre-tax change – Unrealized gain (loss) on available-for-sale securities
  
 
— 
 
  
 
(233
) 
Tax effect
  
 
7
 
  
 
— 
 
  
 
 
 
  
 
 
 
Total accumulated other comprehensive income, net of tax
  
$
15,366
 
  
$
4,179
 
  
 
 
 
  
 
 
 
20. Accumulated other comprehensive income (loss)
Following is a summary of the changes in each component of accumulated other comprehensive income (loss) (in thousands):
Table 20. Accumulated Other Comprehensive Income (loss)
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Accumulated other comprehensive income (loss)
  
  
  
Beginning balance
  
$
4,929
 
  
$
3,356
 
  
$
4,711
 
Pre-tax change – Foreign currency translation adjustment
  
 
(1,899
) 
  
 
1,460
 
  
 
625
 
Pre-tax change – Unrealized gain (loss) on convertible notes – credit risk adjustment
  
 
1,095
 
  
 
1,182
 
  
 
(3,155
) 
Amount reclassified from accumulated other comprehensive income (loss) related to available-for-sale debt securities
  
 
(226
) 
  
 
(1,069
) 
  
 
1,175
 
Tax effect
  
 
(255
) 
  
 
— 
 
  
 
— 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total other comprehensive income (loss), net of tax
  
$
3,644
 
  
$
4,929
 
  
$
3,356
 
  
 
 
 
  
 
 
 
  
 
 
 
v3.25.2
Prepaid expenses and other current assets
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Prepaid Expense and Other Assets, Current [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
  
 
 
  
 
 
 
  
June 30,
2025
 
  
December 31,
2024
 
Reserve income receivable
  
$
187,897
 
  
$
138,889
 
Prepaid expenses
  
 
19,027
 
  
 
15,602
 
Deferred offering costs
  
 
— 
 
  
 
4,235
 
Digital financial assets
  
 
532
 
  
 
14,328
 
Income tax receivable
  
 
1,567
 
  
 
8,507
 
Other
  
 
7,581
 
  
 
5,967
 
  
 
 
 
  
 
 
 
Total prepaid expenses and other current assets
  
$
216,604
 
  
$
187,528
 
  
 
 
 
  
 
 
 
21. Prepaid expenses and other current assets
Prepaid expenses and other current assets includes the following (in thousands):
Table 21. Details of Prepaid Expenses and Other Current Assets
 
 
  
December 31, 2024
 
  
December 31, 2023
 
Reserve income receivable
  
$
138,889
 
  
$
101,190
 
Income tax receivable
  
 
8,507
 
  
 
25,647
 
Prepaid expenses
  
 
15,602
 
  
 
14,394
 
Digital financial assets
  
 
14,328
 
  
 
— 
 
Deferred offering costs
  
 
4,235
 
  
 
782
 
Other
  
 
5,967
 
  
 
4,632
 
  
 
 
 
  
 
 
 
Total prepaid expenses and other current assets
  
$
187,528
 
  
$
146,645
 
  
 
 
 
  
 
 
 
v3.25.2
Accounts payable and accrued expenses
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Accounts Payable and Accrued Liabilities [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
  
 
 
  
 
 
 
  
June 30,
2025
 
  
December 31,
2024
 
Accrued distribution costs
  
$
107,925
 
  
$
83,318
 
Stablecoin redemptions in transit
  
 
194,026
 
  
 
118,074
 
Accrued expenses
  
 
66,827
 
  
 
70,314
 
Income taxes payable
  
 
3,850
 
  
 
678
 
Accounts payable
  
 
28,522
 
  
 
5,505
 
Other payables
  
 
10,410
 
  
 
9,118
 
  
 
 
 
  
 
 
 
Total accounts payable and accrued expenses
  
$
411,560
 
  
$
287,007
 
  
 
 
 
  
 
 
 
22. Accounts payable and accrued expenses
Accounts payable and accrued expenses includes the following (in thousands):
Table 22. Details of Accounts Payable and Accrued Expenses
 
 
  
December 31, 2024
 
  
December 31, 2023
 
Stablecoin redemptions in transit
  
$
118,074
 
  
$
10,700
 
Accrued distribution costs
  
 
83,318
 
  
 
57,278
 
Accrued expenses
  
 
70,314
 
  
 
50,015
 
Income taxes payable
  
 
678
 
  
 
27,162
 
Accrued interest
  
 
514
 
  
 
740
 
Other payables
  
 
14,109
 
  
 
6,691
 
  
 
 
 
  
 
 
 
Total accounts payable and accrued expenses
  
$
287,007
 
  
$
152,586
 
  
 
 
 
  
 
 
 
v3.25.2
Commitments and contingencies
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
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.
The Company is in a dispute with a financial advisor regarding advisory fees related to 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 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.
 
23. 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 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 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.
v3.25.2
Circle Reserve Fund
 12 Months Ended
Dec. 31, 2024
Equity Method Investment, Summarized Financial Information [Abstract]  
Circle Reserve Fund
24. 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):
 
Selected Assets and Liabilities Information:
  
2024 
(1)
 
  
2023
 (2)
 
Total assets
  
$
30,567,886
 
  
$
23,595,866
 
Total liabilities
  
$
129,015
 
  
$
107,939
 
  
 
 
 
  
 
 
 
Selected Income Statement Information:
  
2024 
(1)
 
  
2023 
(2)
 
Total investment income
  
$
1,460,787
 
  
$
1,173,135
 
Net increase in net assets resulting from operations
  
$
1,437,053
 
  
$
1,151,901
 
  
 
 
 
  
 
 
 
 
(1)
 
Summarized financial information is as of October 31, 2024 and for the fiscal year then ended.
(2)
 
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.
v3.25.2
Subsequent events
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Subsequent Events [Abstract]    
Subsequent events
23.
Subsequent events
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (“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 the limitation on the deductibility of business interest expense. The Company is currently evaluating the potential impact of the OBBBA on its consolidated financial statements and related disclosures. Any material effects identified through this evaluation will be reflected in the Company’s Form 10-Q for the period ending September 30, 2025.
25. Subsequent events
The Company has evaluated subsequent events through March 31, 2025, the date the financial statements were available to be issued, and has concluded there were no subsequent events requiring adjustments or disclosure other than disclosed below.
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., a tokenized money market fund and the issuer of USYC. The fair value of consideration transferred was approximately $
99.8
million, subject to customary adjustments, consisting of $
9.9
million in cash and approximately
2.9
 million fully-vested common shares of Circle. The agreement also provides for the issuance of up to approximately
1.8
 million additional common shares of Circle to certain Hashnote employees, subject to the satisfaction of vesting conditions which will be accounted for as compensation costs over the
requisite
service period. The Company is in the process of measuring assets and liabilities acquired and expects that substantially all of Hashnote’s fair value will be associated with intangible assets including goodwill.
v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Basis of presentation and principles of consolidation
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”) and the applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted. Accordingly, the unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our final prospectus, dated June 5, 2025, filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Prospectus”) in connection with our IPO.
There have been no changes to our significant accounting policies described in the audited consolidated financial statements as of and for the year ended December 31, 2024 included in our Prospectus that have had a material impact on our consolidated financial statements and accompanying notes. All intercompany balance and transactions have been eliminated on 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 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 in the accompanying notes including, but not limited to, estimates and assumptions related to fair value estimates, share-based payment awards, contingent liabilities, and the valuation of intangible assets acquired in business combinations. These estimates are based on historical experience and various other assumptions which we believe to be reasonable under the circumstances. Actual amounts or results could materially differ from these estimates. All intercompany balance and transactions have been eliminated on consolidation.
Reclassifications
Reclassifications
Certain prior period amounts have been reclassified in order to conform with the current period presentation. The impact of these reclassifications is immaterial to the presentation of the unaudited condensed consolidated financial statements taken as a whole and had no impact on previously reported total assets, total liabilities and net income.
Reclassifications
Certain prior period amounts have been reclassified in order to conform with the current period presentation. These reclassifications have no impact on the consolidated financial statements.
Use of estimates
Use of Estimates
The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and disclosures in the accompanying notes.
Significant estimates that are particularly susceptible to significant change relate to the fair value of stock-based awards issued prior to the IPO, the fair value of convertible debt, the fair value of derivatives and embedded derivatives, the fair value of investments under measurement alternative, the assessment of the amount and likelihood of adverse outcomes from claims and disputes, the valuation of intangible assets acquired in business combinations, including goodwill and acquisition-date deferred taxes, 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 results could differ from these estimates and any such differences may be material to the financial statements. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and in management’s opinion, reflect all adjustments, consisting only of normal, recurring adjustments, that are necessary for the fair presentation but are not necessarily indicative of the results expected for the full year or any other period.
Use of Estimates
The preparation of consolidated financial statements 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, the fair value of certain non-current liabilities, 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, and the valuation of intangible assets acquired in business combinations, including goodwill and deferred 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 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.
Available-for-Sale Securities  
Available-for-Sale Securities
The Company holds debt securities classified as available-for-sale securities which are recorded at fair value. Any unrealized holding gains or losses on available-for-sale debt securities are reported as accumulated other comprehensive gain or loss, which is a separate component of stockholders’ equity, net of tax, until realized. Beginning January 1, 2023, available-for-sale debt securities are analyzed for credit losses in accordance with ASU 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) (“ASU 2016-13”) which requires the Company to determine whether declines in fair value are credit related. Any such credit-related decline in fair value is recorded to a credit loss allowance. We classify our available-for-sale securities as current or non-current based on each instrument’s underlying effective maturity date and for which we have the intent and ability to hold the investment for a period of greater than 12 months. Available-for-sale securities with maturities of less than 12 months are classified as current in the Consolidated Balance Sheets. Available-for-sale securities with maturities greater than 12 months for which we have the intent and ability to hold the investment for greater than 12 months are classified as non-current in the Consolidated Balance Sheets. As of December 31, 2024, all available-for-sale securities matured or were sold.
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 subsidiary holds 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 the Company’s subsidiary, which owns all outstanding shares of the Fund.
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 June 30, 2025 and December 31, 2024, balances held in the Fund included in
Cash and cash equivalents segregated for the benefit of stablecoin holders
were $
53.2
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 is included in
Prepaid expenses and other current assets
on the unaudited Condensed Consolidated Balance Sheets and dividend income is included in
Reserve income
in the unaudited Condensed Consolidated Statements of Operations.
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. Beginning in November 2022, one of the Company’s subsidiaries held investments in the Circle Reserve Fund (the “Fund”). The Fund is managed by BlackRock Advisors, LLC, and 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 the Company’s subsidiary, which owns all outstanding shares of the Fund.
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, 2024 and December 31, 2023, balances held in the Fund included in
Cash and cash equivalents segregated for the benefit of stablecoin holders
were $37,514.3 million and $22,238.0 million, 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 is 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.
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  
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 credit losses and, beginning January 1, 2023, current expected credit losses in accordance with ASU 2016-13,
Financial Instruments—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.
Digital assets are measured at fair value based on quoted market prices in active markets. Changes in fair value of digital assets held in the ordinary course of business are recognized in
Digital assets (gains) losses
in the unaudited Condensed Consolidated Statements of Operations. Changes in fair value of digital assets held as investments are recognized in
Other (expense) income, net
in the unaudited Condensed Consolidated Statements of Operations
.
Gains and losses upon sale of digital assets are measured as the difference between the cash proceeds and the carrying basis of the digital assets as determined on a first-in, first-out (“FIFO”) basis for each pool of digital assets. These realized gains and losses on digital assets held in the ordinary course of business are recorded to
Digital assets (gains) losses,
and realized gains and losses on digital assets held as investments are recorded to
Other (expense) income, net
.
Digital Assets
The Company receives, purchases, utilizes, and sells digital assets in the ordinary course of business and holds certain digital assets as investments. In general, the Company holds digital assets, other than stablecoins it issues and as investments, to pay blockchain gas fees, as payment for certain services and as collateral held in connection with Circle stablecoin lending services.
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. Fair value measurements for digital assets are based on quoted market prices in active markets. Changes in fair value of digital assets held in the ordinary course of business are recognized in
Digital assets (gains) losses and impairment
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 (gains) losses and impairment,
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 are reflected within
Digital assets (gains) losses and impairment
in the Consolidated Statements of Operations.
Digital Assets related to Lending Services  
Digital Assets related to Lending Services
The Company enters into Circle stablecoin lending arrangements. Loan fee income earned from lending activities are calculated using the effective interest method and are included in
Other revenue
, in the Consolidated Statements of Operations. In connection with Circle stablecoins lent to its borrowers, the Company recognizes
Stablecoins receivable, net
on the Consolidated Balance Sheets. Stablecoins receivable are recorded
 
at amortized cost, net of any allowance for credit losses, if applicable. An impairment is recognized if it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the agreement.
In connection with certain lending, the Company may receive Bitcoin as collateral into its custody account, which is included in
Digital assets
on the Consolidated Balance Sheets. Refer to Digital Assets above and
Derivative Contracts, including Embedded Derivatives
below for further information.
Deposits from stablecoin holders
Deposits from Stablecoin Holders
Funds received from customers from the issuance of Circle stablecoins represent claims which are reflected as a liability classified as Deposits from stablecoin holders on the unaudited Condensed Consolidated Balance Sheets. As a licensed money transmitter and regulated Electronic Money Institution, Circle is obligated to redeem all Circle stablecoins presented by Circle Mint customers on a one for one basis for U.S. dollars or euros, as applicable, except in limited circumstances, such as when prohibited by law or court order or instances where fraud is suspected. As such, the Company does not have an unconditional right to deny Circle stablecoin redemption requests from Circle Mint customers. With the exception of general stablecoin holders subject to specific regulatory requirements such as those in the European Union, the Company does not redeem Circle stablecoins from stablecoin holders who are not Circle Mint customers. However, Circle stablecoins are supported by numerous global digital asset exchanges and marketplaces, including neo-banks, brokerages, payment providers, remittance providers, superapps and commerce companies, and as such, Circle stablecoin
 
holders could transact with Circle Mint customers, ultimately allowing the Circle stablecoins to be redeemed. Deposits from stablecoin holders do not include amounts associated with corporate-held stablecoins. Cash associated with such corporate-held stablecoins are presented as Cash and cash equivalents segregated for corporate-held stablecoins on the unaudited Condensed Consolidated Balance Sheets. When the Company makes payments in the form of corporate-held stablecoins, the Company records an associated Deposits from stablecoin holders and records the cash associated with such stablecoins as Cash and cash equivalents segregated for the benefit of stablecoin holders. When such payments, in the form of corporate-held stablecoins, are for distribution, transaction and other costs or operating expenses incurred, the payments are presented in the unaudited Condensed Consolidated Statements of Cash Flows in the same manner as if such payments were settled in cash.
As of June 30, 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.
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 are 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
corporate-held stablecoins.
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, 2024 and December 31, 2023, 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 (gains) losses and impairment
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, 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.
The useful life of the Company’s finite-lived acquired intangible assets is as follows:
Table 2. Acquired Intangible Assets Useful Life
 
Acquired intangible assets
  
Useful life
 
Developed technology
  
 
2
 ~ 
6
 years
 
Customer relationships
  
 
2.5
 ~ 
4
 years
 
Regulatory licenses
  
 
5
years
 
Patents and trade name
  
 
1
 ~ 
17
 years
 
  
 
 
 
There were
no
impairments recorded for intangible assets for the years ended December 31, 2024, 2023, and 2022.
Goodwill, Intangible Assets And Other Long-Lived Assets  
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 year ended December 31, 2024, the Company has 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.
 
There were
no
material impairment charges recognized related to goodwill, intangible assets, or other long-lived assets during
the years ended December 31, 2024, 2023, and 2022.
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 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 12 —
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, and other stablecoin liquidity providers. 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 based on the amount of USDC held on each respective party’s platform. In the case of a certain distribution arrangement, the Company also makes payments 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. One-time payments are expensed as incurred. The costs associated with these arrangements are recognized in
Distribution and transaction costs
in the Consolidated Statements of Operations.
Marketing 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
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, bad debt and credit losses, insurance, training and education, compliance, and other administrative services. General and administrative costs are expensed as incurred and 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 thousand per financial institution.
Related Party Transactions  
Related Party Transactions
In September 2023, the Company 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, Circle 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. A Director of Circle is the Founder and CEO of this company and owns
40
% of this company. Additionally, another Director of Circle is also a minority investor and strategic advisor to this company.
On October 7, 2022, Circle 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. An executive officer of Circle is a domestic partner to the Founder and CEO of this company.
Stock-based Compensation  
Stock-based Compensation
The Company provides 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 “Award Plan”). The Award Plan is 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 Plan and to interpret and correct the provisions of the Plan and any award. Pursuant to the Award Plan, the Board and, where delegated, its committees, will select the individuals to whom options or restricted stock units are granted and will 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 the 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 have the same terms as those granted to employees under the Award Plan. For stock-based awards granted to non-employees, compensation expense is recognized based on the grant date fair value of the awards on a straight-line basis over the requisite service period.
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 and 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.
The RSUs vest upon the satisfaction of both a service condition and a liquidity condition. Both the service and liquidity conditions must be met for the expense to be recognized. 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.
Common Stock Valuation  
Common Stock Valuation
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.
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 acqu
isition 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 are considered to be participating securities. 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 presented on a consolidated basis consistent with the presentation of the consolidated statement 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 statement 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 12 for revenues by product and service.
Recently adopted accounting pronouncements
Recently Adopted Accounting Pronouncements
In December 2023, the 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 ending December 31, 2025. The adoption will only impact annual disclosures.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board (“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.
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 ending December 31, 2024, and for interim periods beginning January 1, 2025. The new standard only impacted disclosures.
In January 2025, the SEC published Staff Accounting Bulletin No. 122 (“SAB 122”) to rescind the previously issued Staff Accounting Bulletin No. 121 (“SAB 121”). SAB 121 required the recognition of a liability and an offsetting asset, both measured at fair value, for its obligation to safeguard digital assets on behalf of customers. The Company early adopted SAB 122 retrospectively for the consolidated balance sheets as of December 31, 2023. The adoption of SAB 122 resulted in the derecognition of $
524.2
million of Assets related to safeguarding obligations and Obligations related to safeguarding digital assets on the Consolidated Balance Sheet as of December 31, 2023. The adoption had no effect on operating income from continuing operations, net income, or comprehensive income for the years ended December 31, 2024 or 2023 or total stockholders’ equity as of December 31, 2024 or 2023.
Recently issued accounting pronouncements
Recently Issued Accounting Pronouncements
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.
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.
Recently Issued Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-07”). ASU 2023-09 includes amendments to income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid. The new standard is effective prospectively for the Company for its fiscal year beginning January 1, 2025, with early adoption permitted. The Company expects that this standard will only impact 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.
v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Acquired Intangible Assets Useful Life
The useful life of the Company’s finite-lived acquired intangible assets is as follows:
Table 2. Acquired Intangible Assets Useful Life
 
Acquired intangible assets
  
Useful life
 
Developed technology
  
 
2
 ~ 
6
 years
 
Customer relationships
  
 
2.5
 ~ 
4
 years
 
Regulatory licenses
  
 
5
years
 
Patents and trade name
  
 
1
 ~ 
17
 years
 
  
 
 
 
v3.25.2
Acquisitions and divestitures (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Hashnote Holdings LLC [Member]    
Business Acquisition [Line Items]    
Summary of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary 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, net
  
 
193
 
Prepaid expenses and other current assets
  
 
109
 
Fixed assets, net
  
 
8
 
Digital assets
  
 
104
 
Goodwill
  
 
96,840
 
Intangible assets, net
  
 
4,480
 
Accounts payable and accrued expenses
  
 
(655
) 
Other current liabilities
  
 
(2,383
) 
Deferred tax liabilities, net
  
 
(1,043
) 
  
 
 
 
Total purchase consideration
  
$
100,065
 
  
 
 
 
  
Billeto Inc [Member]    
Business Acquisition [Line Items]    
Summary of Recognized Identified Assets Acquired and Liabilities Assumed   The following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands):
 
Cash
  
$
1,945
 
Intangible assets, net
  
 
4,600
 
Other assets
  
 
232
 
Goodwill
  
 
24,613
 
Deferred tax liabilities
  
 
(550
) 
  
 
 
 
Total purchase consideration
  
$
30,840
 
  
 
 
 
Cybavo Pte Ltd [Member]    
Business Acquisition [Line Items]    
Summary of Recognized Identified Assets Acquired and Liabilities Assumed   The following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands):
 
Cash
  
$
1,498
 
Fixed assets, net
  
 
528
 
Operating lease right-of-use assets
  
 
1,114
 
Intangible assets, net
  
 
24,407
 
Other assets
  
 
335
 
Goodwill
  
 
120,917
 
Deferred tax liabilities
  
 
(4,148
) 
Other current and noncurrent liabilities
  
 
(2,418
) 
  
 
 
 
Total purchase consideration
  
$
142,233
 
  
 
 
 
v3.25.2
Available-for-sale debt securities (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Securities, Available-for-Sale [Abstract]  
Summary of Details of Available-for-sale Debt Securities
The cost basis, fair values and gross unrealized gains and losses of available-for-sale debt securities, at fair value are as follows (in thousands):
Table 4.1. Details of Available-for-sale Debt Securities
 
 
  
December 31, 2024
 
  
December 31, 2023
 
 
  
Amortized
Cost
 
  
Unrealized
Gains
 
  
Unrealized
Losses
 
  
Fair
Value
 
  
Amortized
Cost
 
  
Unrealized
Gains
 
  
Unrealized
Losses
 
 
Fair Value
 
U.S. Treasury securities
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
111,379
 
  
$
40
 
  
$
(12
) 
 
$
111,407
 
U.S. agency bonds
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
 
128,520
 
  
 
199
 
  
 
(3
) 
 
 
128,716
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
239,899
 
  
$
239
 
  
$
(15
) 
 
$
240,123
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Summary of Maturities of Available-for sale Debt Securities
The following table presents certain information regarding contractual maturities of our available-for-sale debt securities, at fair value (in thousands):
Table 4.2. Maturities of Available-for sale Debt Securities
 
Maturity
  
December 31, 2024
 
  
December 31, 2023
 
 
  
Amortized
Cost
 
  
% of
Total
 
  
Fair
Value
 
  
% of
Total
 
  
Amortized
Cost
 
  
% of
Total
 
  
Fair Value
 
  
% of
Total
 
One year or less
  
$
— 
 
  
 
— %
  
 
$
— 
 
  
 
— %
 
 
$
152,108
 
  
 
63.0%
 
 
$
152,183
 
  
 
63.0%
 
After one year through five years
  
 
— 
 
  
 
— %
 
 
 
— 
 
  
 
— %
 
 
 
87,791
 
  
 
37.0%
 
 
 
87,940
 
  
 
37.0%
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
Total
  
$
— 
 
  
 
— %
 
 
$
— 
 
  
 
— %
 
 
$
239,899
 
  
 
100.0%
 
 
$
240,123
 
  
 
100.0%
  
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
Summary of Interest Income on Available-for-sale Debt Securities
Table 4.3. Interest Income on Available-for-sale Debt Securities
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Interest income
  
$
8,452
 
  
$
5,771
 
  
$
482,684
 
  
 
 
 
  
 
 
 
  
 
 
 
v3.25.2
Leases (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Summary of Lease Cost
The components of lease cost were as follows (in thousands):
 
Table 4.1. Lease Cost
              
 
  
Three months ended
June 30,
 
  
Six months ended
June 30,
 
 
  
 2025 
 
  
 2024 
 
  
 2025 
 
  
 2024 
 
Operating lease cost
  
$
834
 
  
$
1,108
 
  
$
1,672
 
  
$
2,226
 
Short-term lease cost
  
$
165
 
  
$
248
 
  
$
332
 
  
$
483
 
The components of lease cost were as follows (in thousands):
Table 5.1. Lease Cost
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Operating lease cost
  
$
4,406
 
  
$
1,813
 
  
$
1,824
 
Short-term lease cost
  
$
895
 
  
$
180
 
  
$
916
 
  
 
 
 
  
 
 
 
  
 
 
 
Summary of Lease Right-of-use Assets and Liabilities
Supplemental balance sheet information related to leases is as follows (in thousands):
 
Table 4.2. Details of Lease Right-of-use Assets and Liabilities
 
 
  
June 30,
2025
 
  
December 31,
2024
 
Operating lease right-of-use assets
  
$
14,933
 
  
$
15,493
 
  
 
 
 
  
 
 
 
Operating lease liabilities - current
  
 
2,704
 
  
 
2,637
 
Operating lease liabilities - non-current
  
 
12,725
 
  
 
13,074
 
  
 
 
 
  
 
 
 
Total operating lease liabilities
  
$
15,429
 
  
$
15,711
 
  
 
 
 
  
 
 
 
Supplemental balance sheet information related to leases is as follows (in thousands):
Table 5.2. Details of Lease Right-of-use Assets and Liabilities
 
 
  
December 31, 2024
 
  
December 31, 2023
 
Operating lease right-of-use assets
  
$
15,493
 
  
$
1,624
 
  
 
 
 
  
 
 
 
Operating lease liabilities - current
  
 
2,637
 
  
 
1,647
 
Operating lease liabilities - non-current
  
 
13,074
 
  
 
132
 
  
 
 
 
  
 
 
 
Total operating lease liabilities
  
$
15,711
 
  
$
1,779
 
Summary of Weighted Average Lease Terms and Discount Rates
Weighted-average lease terms and discount rates are as follows:
 
Table 4.3. Weighted-average Lease Terms and Discount Rates
 
 
  
June 30,
2025
 
 
December 31,
2024
 
Weighted-average remaining lease term
  
 
7.8
 years
 
 
 
8.3
 years
 
Weighted-average discount rates
  
 
13.3
% 
 
 
12.8
% 
Weighted-average lease terms and discount rates are as follows:
Table 5.3. Weighted-average Lease Terms and Discount Rates
 
 
  
December 31, 2024
 
 
December 31, 2023
 
Weighted-average remaining lease term
  
 
8.3
 years
 
 
 
1.1
 years
 
Weighted-average discount rates
  
 
12.8
% 
 
 
8.5
% 
  
 
 
 
 
 
 
 
Summary 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,
 
2025 (remaining 6 months)
  
$
1,664
 
2026
  
 
3,146
 
2027
  
 
3,199
 
2028
  
 
2,791
 
2029
  
 
3,058
 
Thereafter
  
 
11,944
 
  
 
 
 
Total lease payments
  
 
25,802
 
Less: imputed interest
  
 
10,373
 
  
 
 
 
Total lease liabilities
  
$
15,429
 
  
 
 
 
Maturities of lease liabilities under operating leases are as follows (in thousands):
Table 5.4. Maturities of Lease Liabilities
 
Years ending December 31,
  
 
 
2025
  
$
3,065
 
2026
  
 
3,091
 
2027
  
 
3,144
 
2028
  
 
2,787
 
2029
  
 
3,058
 
Thereafter
  
 
11,944
 
  
 
 
 
Total lease payments
  
 
27,089
 
Less: imputed interest
  
 
11,378
 
  
 
 
 
Total lease liabilities
  
$
15,711
 
  
 
 
 
v3.25.2
Intangible assets, net (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Summary of Acquired Finite-Lived Intangible Assets
The useful life of the Company’s finite-lived acquired intangible assets is as follows:
 
Table 5.1. Acquired Intangible Assets Useful Life
Acquired intangible assets
  
Useful life

(years)
Developed technology
  
2
 ~ 
6
Customer relationships
  
2
~
4
Regulatory licenses
  
5
Patents and trade name
  
1
 ~ 
17
 
Summary of Details of Intangible Assets, net
Intangible assets consists of the following (in thousands):
 
Table 5.2. Details of Intangible Assets, net
 
As of June 30, 2025
  
Gross
carrying
amount
 
  
Accumulated
amortization
 
  
Intangible
assets, net
 
  
Weighted
average
remaining
useful life
(in years)
 
Amortizing intangible assets:
  
  
  
  
Internally developed software
  
$
234,744
 
  
$
(119,232
) 
  
$
115,512
 
  
 
1.7
 
Acquired intangible assets
  
 
36,053
 
  
 
(21,000
) 
  
 
15,053
 
  
 
4.6
 
  
 
 
 
  
 
 
 
  
 
 
 
  
Total amortizing intangible assets
  
$
270,797
 
  
$
(140,232
) 
  
$
130,565
 
  
  
 
 
 
  
 
 
 
  
 
 
 
  
Indefinite-lived intangible assets:
  
  
  
  
Acquired intangible assets
  
 
266,404
 
  
 
— 
 
  
 
266,404
 
  
  
 
 
 
  
 
 
 
  
 
 
 
  
Total intangible assets, net
  
$
537,201
 
  
$
(140,232
) 
  
$
396,969
 
  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
As of December 31, 2024
  
Gross
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
 
  
  
 
 
 
  
 
 
 
  
 
 
 
  
Intangible assets consists of the following (in thousands):
Table 6.1. Details of Intangible Assets, net
 
As of December 31, 2024
  
Gross
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
 
  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
As of December 31, 2023
  
Gross
carrying
amount
 
  
Accumulated
amortization
 
  
Intangible
assets, net
 
  
Weighted
average
remaining
useful life
(in years)
 
Amortizing intangible assets:
  
  
  
  
Internally developed software
  
$
95,838
 
  
$
(52,710
) 
  
$
43,128
 
  
 
1.5
 
Acquired intangible assets
  
 
29,250
 
  
 
(11,351
) 
  
 
17,899
 
  
 
3.9
 
Total amortizing intangible assets
  
$
125,088
 
  
$
(64,061
) 
  
$
61,027
 
  
Indefinite-lived intangible assets:
  
  
  
  
Acquired intangible assets
  
 
266,354
 
  
 
— 
 
  
 
266,354
 
  
  
 
 
 
  
 
 
 
  
 
 
 
  
Total intangible assets, net
  
$
391,442
 
  
$
(64,061
) 
  
$
327,381
 
  
  
 
 
 
  
 
 
 
  
 
 
 
  
Summary of Future Amortization Expense of Intangible Assets
The expected future amortization expense for amortizing intangible assets is as follows (in thousands):
 
Table 5.3. Future Amortization Expense of Intangible Assets
 
 
  
Years ending
December 31,
 
2025 (remaining 6 months)
  
$
40,820
 
2026
  
 
63,351
 
2027
  
 
22,530
 
2028
  
 
1,774
 
2029
  
 
384
 
Thereafter
  
 
1,706
 
  
 
 
 
Total amortization expense
  
$
130,565
 
  
 
 
 
The expected future amortization expense for amortizing intangible assets is as follows (in thousands):
Table 6.2. Future Amortization Expense of Intangible Assets
 
Years ending December 31,
  
 
 
2025
  
$
41,219
 
2026
  
 
16,987
 
2027
  
 
2,919
 
2028
  
 
1,774
 
2029
  
 
384
 
Thereafter
  
 
1,707
 
  
 
 
 
Total amortization expense
  
$
64,990
 
  
 
 
 
v3.25.2
Fixed assets, net (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Abstract]    
Summary of Fixed Assets
The following table presents our major categories of fixed assets, net (in thousands):
 
Table 6.1. Details of Fixed Assets, net
 
 
  
June 30,
2025
 
  
December 31,
2024
 
Computers & equipment
  
$
5,223
 
  
$
4,920
 
Leasehold improvements
  
 
20,107
 
  
 
739
 
Construction in progress
  
 
— 
 
  
 
16,204
 
Other
  
 
3,913
 
  
 
1,600
 
  
 
 
 
  
 
 
 
Total fixed assets
  
 
29,243
 
  
 
23,463
 
Less: accumulated depreciation and amortization
  
 
(5,439
) 
  
 
(4,781
) 
  
 
 
 
  
 
 
 
Total fixed assets, net
  
$
23,804
 
  
$
18,682
 
  
 
 
 
  
 
 
 
The following table presents our major categories of Fixed assets, net (in thousands):
Table 7.1. Details of Fixed assets, net
 
 
  
December 31,
 
  
December 31,
 
 
  
2024
 
  
2023
 
Computers & equipment
  
$
4,920
 
  
$
4,543
 
Leasehold improvements
  
 
739
 
  
 
572
 
Construction in progress
  
 
16,204
 
  
 
— 
 
Other
  
 
1,600
 
  
 
1,256
 
  
 
 
 
  
 
 
 
Total Fixed assets
  
 
23,463
 
  
 
6,371
 
Less: Accumulated depreciation and amortization
  
$
(4,781
) 
  
$
(3,752
) 
  
 
 
 
  
 
 
 
Total Fixed assets, net
  
$
18,682
 
  
$
2,619
 
  
 
 
 
  
 
 
 
v3.25.2
Digital assets (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Digital assets [Abstract]    
Summary of Details of Digital Assets
The composition of digital assets included the following (in thousands, except quantity):
 
Table 7.1. Details of Digital Assets
 
 
  
June 30, 2025
 
  
December 31, 2024
 
 
  
Quantity
 
  
Cost Basis
 
  
Fair Value
 
  
Quantity
 
  
Cost Basis
 
  
Fair Value
 
Sui
  
 
3,564,079
 
  
$
7,792
 
  
$
9,898
 
  
 
2,304,672
 
  
$
2,385
 
  
$
9,483
 
Bitcoin
  
 
73
 
  
 
2,193
 
  
 
7,829
 
  
 
73
 
  
 
2,113
 
  
 
6,781
 
Ether
  
 
1,726
 
  
 
4,412
 
  
 
4,300
 
  
 
1,746
 
  
 
4,455
 
  
 
5,815
 
Syrup
  
 
4,951,165
 
  
 
2,500
 
  
 
2,686
 
  
 
49,512
 
  
 
2,500
 
  
 
772
 
Worldcoin
  
 
2,779,348
 
  
 
3,300
 
  
 
2,498
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
Sei
  
 
6,250,000
 
  
 
2,385
 
  
 
1,763
 
  
 
6,250,000
 
  
 
2,385
 
  
 
2,472
 
Starknet
  
 
13,601,010
 
  
 
1,616
 
  
 
1,587
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
Zebec Network
  
 
366,555,944
 
  
 
524
 
  
 
1,252
 
  
 
310,290,738
 
  
 
420
 
  
 
276
 
Aptos
  
 
217,378
 
  
 
1,487
 
  
 
1,062
 
  
 
217,378
 
  
 
1,487
 
  
 
1,891
 
Optimism
 
 
867,303
 
 
 
1,330
 
 
 
491
 
 
 
867,303
 
 
 
1,330
 
 
 
1,518
 
Other digital assets
  
 
n.m.
 
  
 
3,191
 
  
 
1,747
 
  
 
n.m.
 
  
 
2,683
 
  
 
2,322
 
  
  
 
 
 
  
 
 
 
  
  
 
 
 
  
 
 
 
Total digital assets
  
  
$
30,730
 
  
$
35,113
 
  
  
$
19,758
 
  
$
31,330
 
  
  
 
 
 
  
 
 
 
  
  
 
 
 
  
 
 
 
n.m.= not meaningful
 
The composition of digital assets included the following (in thousands, except quantity):
Table 8.1. Details of Digital Assets
 
 
  
December 31, 2024
 
 
  
Quantity
 
  
Cost Basis
 
  
Fair Value
 
Sui
  
 
2,304,672
 
  
$
2,385
 
  
$
9,483
 
Bitcoin
  
 
73
 
  
 
2,113
 
  
 
6,781
 
Ether
  
 
1,746
 
  
 
4,455
 
  
 
5,815
 
Sei
  
 
6,250,000
 
  
 
2,385
 
  
 
2,472
 
Aptos
  
 
217,378
 
  
 
1,487
 
  
 
1,891
 
Optimism
  
 
867,303
 
  
 
1,330
 
  
 
1,518
 
Other digital assets
  
 
n.m
 
  
 
5,603
 
  
 
3,370
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
  
$
19,758
 
  
$
31,330
 
  
 
 
 
  
 
 
 
  
 
 
 
n.m.= not meaningful
As of December 31, 2024, there are certain digital assets with a total fair value of $
3.9
million subject to various time-based contractual sale restrictions ranging from January 2025 until August 2027.
Prior to the adoption of ASU 2023-08 at January 1,
2024
, the Company accounted for its digital assets at cost less impairment. The composition and carrying value of its digital assets included the following (in thousands):
Table 8.2. Details of Digital Assets
 
 
  
December 31, 2023
 
Bitcoin
  
$
4,680
 
Ether
  
 
3,123
 
Other digital assets
  
 
3,536
 
  
 
 
 
Total
  
$
11,339
 
  
 
 
 
Schedule of Digital Assets Gain (Losses) And Impairment
Digital assets (gains)/losses consists of the following (in thousands):
 
Table 7.2. Digital Assets (gains)/losses
  
 
  
Three months ended
June 30,
 
  
Six months ended June
30,
 
 
  
2025
 
  
2024
 
  
2025
 
  
2024
 
(Gains)/losses on disposals of digital assets
  
$
(7
) 
  
$
(885
) 
  
$
(30
) 
  
$
(2,888
) 
(Gains)/losses on changes in fair value of embedded derivatives
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
1,629
 
Unrealized (gains)/losses on changes in fair value of digital assets
  
 
(686
) 
  
 
3,814
 
  
$
5,607
 
  
 
(185
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
(693
) 
  
$
2,929
 
  
$
5,577
 
  
$
(1,444
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Digital assets (gains) losses and impairment consists of the following (in thousands):
Table 8.4. Digital Assets Gains (losses) and Impairment
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
(Gains)/losses on disposals of digital assets
  
$
(3,375
) 
  
$
(13,964
) 
  
$
(158,015
) 
(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
 
  
 
(211,997
) 
Unrealized (gains)/losses on changes in fair value of digital assets
  
 
(2,505
) 
  
 
— 
 
  
 
— 
 
Impairments on digital assets
  
 
— 
 
  
 
954
 
  
 
427,448
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
(4,251
) 
  
$
(13,488
) 
  
$
57,436
 
  
 
 
 
  
 
 
 
  
 
 
 
Summary of Changes in the Fair Value of Digital Assets  
The following table summarizes the changes in the fair value of digital assets (in thousands):
Table 8.3. Changes in the Fair Value of Digital Assets
 
Balance as of December 31, 2023
  
$
11,339
 
Cumulative effect of the adoption of ASU 2023-08
  
 
6,921
 
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. These amounts include cumulative realized gains of $
4.2
million and realized losses of $
0.9
million during the year ended December 31, 2024, respectively.
v3.25.2
Investments (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Strategic investments [Abstract]    
Schedule of the Changes in the Carrying Value of Equity 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 companies
  
 
9,674
 
Upward adjustments
  
 
1,511
 
Downward adjustments
  
 
(3,156
) 
Realized gains (losses) and impairments
  
 
(217
) 
  
 
 
 
Balance as of June 30, 2025 (1)
  
$
76,041
 
  
 
 
 
 
(1)
Excludes $
7.8
million of strategic investments not accounted for under the measurement alternative as of June 30, 2025.
 
Balance as of December 31, 2023
  
$
66,008
 
Net investments and returns in privately held companies
  
 
1,273
 
Upward adjustments
  
 
4,142
 
Downward adjustments
  
 
(233
) 
Realized gains (losses) and impairments
  
 
(368
) 
  
 
 
 
Balance as of June 30, 2024 (1)
  
$
70,822
 
  
 
 
 
 
(1)
Excludes $
9.0
million of strategic investments not accounted for under the measurement alternative as of June 30, 2024.
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 9. Changes in the Carrying Value of Equity Investments under Measurement Alternative
 
Balance as of December 31, 2023
  
$
66,008
 
Net investments and returns in privately held companies
  
 
1,162
 
Upward adjustments
  
 
4,969
 
Downward adjustments
  
 
(2,098
) 
Realized 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.
 
Balance as of December 31, 2022
  
$
42,516
 
Investments in privately held companies
  
 
25,390
 
Upward adjustments
  
 
753
 
Downward adjustments
  
 
(1,040
) 
Realized losses and impairments
  
 
(1,611
) 
  
 
 
 
Balance as of December 31, 2023
(1)
  
$
66,008
 
  
 
 
 
 
(1)
 
Excludes $
9.9
million of strategic investments not accounted for under the measurement alternative as of December 31, 2023.
v3.25.2
Derivatives and embedded derivatives (Table)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Derivative Instrument Detail [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
 
 
  
June 30,
2025
 
  
December 31,
2024
 
Investments – embedded derivatives
  
$
3,559
 
  
$
8,982
 
Investments – derivatives
  
$
164
 
  
$
350
 
The fair value of the Company’s derivatives and embedded derivatives are as follows (in thousands):
Table 10.1. Fair Value of Derivative and Embedded Derivative Assets and Liabilities
 
 
  
December 31, 2024
 
  
December 31, 2023
 
Derivative and embedded derivative assets:
  
  
Investments - embedded derivatives
  
$
8,982
 
  
$
3,521
 
Investments - derivatives
  
$
350
 
  
$
587
 
Derivative and embedded derivative liabilities:
  
  
Obligation to return digital asset collateral - embedded derivatives 
(1)
  
$
— 
 
  
$
1,392
 
  
 
 
 
  
 
 
 
 
(1)
 
Represents $
1.4
million of embedded derivatives in fair value hedging relationships as of December 31, 2023. The hedging relationships were de-designated upon the adoption of ASU 2023-08 on January 1, 2024.
Schedule of derivative instruments
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
 
 
  
June 30,
2025
 
  
December 31,
2024
 
Investments – embedded derivatives
  
$
1,223
 
  
$
791
 
Investments – derivatives
  
$
353
 
  
$
384
 
The following table summarizes notional amounts related to derivatives and embedded derivatives (in thousands):
Table 10.2. Notional Amounts of Derivative and Embedded Derivative Assets and Liabilities
 
 
  
December 31, 2024
 
  
December 31, 2023
 
Obligation to return digital asset collateral — embedded derivatives
(1)
  
$
— 
 
  
$
1,905
 
Investments — embedded derivatives
  
$
791
 
  
$
1,590
 
Investments — derivatives
  
$
384
 
  
$
1,244
 
  
 
 
 
  
 
 
 
 
(1)
 
Represents $
1.9
million of notional value associated with embedded derivatives in fair value hedging relationships as of December 31, 2023. The hedging relationships were de-designated upon the adoption of ASU 2023-08 on January 1, 2024.
Derivative instruments, gain (loss)
Gains (losses) on derivatives and embedded derivatives are as follows (in thousands):
 
Table 9.3. Gains (losses) on Derivatives and Embedded Derivatives
  
 
 
  
 
 
  
 
 
  
 
 
 
  
Three months ended
June 30,
 
  
Six months ended June
30,
 
 
  
2025
 
  
2024
 
  
2025
 
  
2024
 
Obligation to return digital asset collateral - embedded derivatives (1)
  
$
— 
 
  
$
— 
 
  
$
— 
 
  
$
1,629
 
Accounts receivable, net - embedded derivatives
  
$
(408
) 
  
$
— 
 
  
$
(1,384
) 
  
$
— 
 
Investments - derivatives and embedded derivatives (2)
  
$
1,209
 
  
$
(2,734
) 
  
$
(4,131
) 
  
$
336
 
 
(1)
Included in
Digital assets (gains)
losses
in the unaudited Condensed Consolidated Statements of Operations
.
(2)
Included in
Other (expense) income, net
in the unaudited Condensed Consolidated Statements of Operations.
Gains (losses) on derivatives and embedded derivatives are as follows (in thousands):
Table 10.3. Gains (losses) on Derivative and Embedded Derivatives
 
 
 
Year ended December 31,
 
 
 
2024
 
 
2023
 
 
2022
 
 
 
Derivatives
 
 
Hedged
Items
 
 
Total
Income
Statement
Impact
 
 
Derivatives
 
 
Hedged
Items
 
 
Total
Income
Statement
Impact
 
 
Derivatives
 
 
Hedged
Items
 
 
Total
Income
Statement
Impact
 
Obligation to return digital asset collateral — embedded derivatives
(1)
 
$
1,629
 
 
$
— 
 
 
$
1,629
 
 
$
8,553
 
 
$
(9,031
) 
 
$
(478
) 
 
$
211,997
 
 
$
— 
 
 
$
211,997
 
Prepaid expenses and other assets — embedded derivatives
(2)
 
$
— 
 
 
$
— 
 
 
$
— 
 
 
$
935
 
 
$
— 
 
 
$
935
 
 
$
(3,253
) 
 
$
— 
 
 
$
(3,253
) 
Loans payable, net of debt discount — embedded derivatives
(2)
 
$
— 
 
 
$
— 
 
 
$
— 
 
 
$
— 
 
 
$
— 
 
 
$
— 
 
 
$
(887
) 
 
$
— 
 
 
$
(887
) 
Investments — derivatives and embedded derivatives
(2)
 
$
8,175
 
 
$
— 
 
 
$
8,175
 
 
$
2,776
 
 
$
— 
 
 
$
2,776
 
 
$
1,178
 
 
$
— 
 
 
$
1,178
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Included in
Digital assets (gains) losses and impairment
in the Consolidated Statements of Operations. The hedging relationships were de-designated upon the adoption of ASU 2023-08 on January 1, 2024.
 
(2)
 
Included in
Other income (expense), net
in the Consolidated Statements of Operations.
Schedule of hedging instruments   The carrying values and associated cumulative basis adjustments for fair value hedges are as follows (in thousands):
Table 10.4. Details of Hedged Item
 
 
  
Carrying Value of the Hedged Item
 
  
Cumulative Fair Value Hedging
Adjustments Included in the Carrying
Value
 
Hedged item
  
December 31, 2024
 
  
December 31, 2023
 
  
December 31, 2024
 
  
December 31, 2023
 
Digital assets
(1)
  
$
— 
 
  
$
3,297
 
  
$
— 
 
  
$
9,031
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)
 
The hedging relationships were de-designated upon the adoption of ASU 2023-08 on January 1, 2024
v3.25.2
Fair value measurements (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Schedule of fair value, assets and liabilities measured on recurring basis
Table 10.1. Fair Value Hierarchy
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  
June 30, 2025
 
  
December 31, 2024
 
(in thousands)
  
Level 1
 
  
Level 2
 
  
Level 3
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
Assets
  
  
  
  
  
  
Cash equivalents (1)
  
$
53,958,277
 
  
$
— 
 
  
$
— 
 
  
$
37,841,697
 
  
$
— 
 
  
$
— 
 
Digital assets
  
 
35,113
 
  
 
— 
 
  
 
— 
 
  
 
31,330
 
  
 
— 
 
  
 
— 
 
Digital financial assets
  
 
532
 
  
 
— 
 
  
 
— 
 
  
 
14,328
 
  
 
— 
 
  
 
— 
 
Investments - derivatives and embedded derivatives (2)(3)
  
 
— 
 
  
 
3,723
 
  
 
— 
 
  
 
— 
 
  
 
9,332
 
  
 
— 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total assets
  
$
53,993,922
 
  
$
3,723
 
  
$
— 
 
  
$
37,887,355
 
  
$
9,332
 
  
$
— 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
  
  
  
  
  
  
Convertible debt, net of debt discount
  
$
— 
 
  
$
— 
 
  
$
206,140
 
  
$
— 
 
  
$
— 
 
  
$
40,717
 
Warrant liability
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
1,591
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total liabilities
  
$
— 
 
  
$
— 
 
  
$
206,140
 
  
$
— 
 
  
$
— 
 
  
$
42,308
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)
Included $
53.2
billion and $
37.5
billion of Circle Reserve Fund as of June 30, 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 June 30, 2025 and December 31, 2024, respectively.
Table 11.1. Fair Value Hierarchy
 
(in thousands)
 
December 31, 2024
 
 
December 31, 2023
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
Assets
 
 
 
 
 
 
Cash equivalents
 
$
37,841,697
 
 
 
— 
 
 
 
— 
 
 
$
22,237,963
 
 
 
— 
 
 
 
— 
 
Available-for-sale debt securities, at fair value
 
 
— 
 
 
 
— 
 
 
 
— 
 
 
 
111,407
 
 
 
128,716
 
 
 
— 
 
Digital assets
(1)
 
 
31,330
 
 
 
— 
 
 
 
— 
 
 
 
3,297
 
 
 
— 
 
 
 
— 
 
Digital financial assets
 
 
14,328
 
 
 
— 
 
 
 
— 
 
 
 
— 
 
 
 
— 
 
 
 
— 
 
Investments - derivatives and embedded derivatives
(2)(3)
 
 
— 
 
 
 
9,332
 
 
 
— 
 
 
 
— 
 
 
 
4,108
 
 
 
— 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
 
$
37,877,355
 
 
$
9,332
 
 
 
— 
 
 
$
22,352,667
 
 
$
132,824
 
 
 
— 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Convertible debt, net of debt discount
 
 
— 
 
 
 
— 
 
 
$
40,717
 
 
 
— 
 
 
 
— 
 
 
$
58,487
 
Obligation to return digital asset collateral — embedded derivatives 
(2)(4)
 
 
— 
 
 
 
— 
 
 
 
— 
 
 
 
— 
 
 
 
1,392
 
 
 
— 
 
Warrant liability
 
 
— 
 
 
 
— 
 
 
 
1,591
 
 
 
— 
 
 
 
— 
 
 
 
1,642
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities
 
 
— 
 
 
 
— 
 
 
$
42,308
 
 
 
— 
 
 
$
1,392
 
 
$
60,129
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Prior to January 1, 2024, only digital assets collateral designated as fair value hedged items are included under the fair value hierarchy. Subsequent to the adoption of ASU 2023-08 on January 1, 2024, digital assets are measured at fair value.
(2)
 
The fair value measurement is based on the quoted market price of the underlying digital asset.
 
(3)
 
Excluded the host contract balance of $
0.8
million and $
1.6
million as of December 31, 2024 and 2023, respectively.
(4)
 
Excluded obligation to return digital asset collateral of $
1.9
million, representing the debt host obligation which is not measured and recorded at fair value as of December 31, 2023.
Schedule of warranty liability
 
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 June 30, 2025
  
$
— 
 
  
 
 
 
Balance as of December 31, 2023
  
$
1,642
 
Fair value adjustment
  
 
(116
) 
  
 
 
 
Balance as of June 30, 2024
  
$
1,526
 
  
 
 
 
Table 11.2. Changes in Carrying Value of Warrant Liability
 
Balance as of December 31, 2023
  
$
1,642
 
Fair value adjustment
  
 
(51
) 
  
 
 
 
Balance as of December 31, 2024
  
$
1,591
 
  
 
 
 
 
Balance as of December 31, 2022
  
$
2,689
 
Fair value adjustment
  
 
(1,047
) 
  
 
 
 
Balance as of December 31, 2023
  
$
1,642
 
  
 
 
 
Schedule of changes in carrying value of convertible debt, net of debt discount 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
  
 
420
 
Capitalized interest
  
 
334
 
Fair value adjustment
  
 
164,591
 
Fair value adjustment – credit risk
  
 
78
 
  
 
 
 
Balance as of June 30, 2025
  
$
206,140
 
  
 
 
 
Balance as of December 31, 2023
  
$
58,487
 
Net discount on convertible notes
  
 
564
 
Capitalized interest
  
 
479
 
Fair value adjustment
  
 
(3,057
) 
Fair value adjustment – credit risk
  
 
(91
) 
  
 
 
 
Balance as of June 30, 2024
  
$
56,382
 
  
 
 
 
Table 11.3. Changes in Carrying Value of Convertible Debt
 
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 to Series E Preferred Shares
  
 
(14,788
) 
  
 
 
 
Balance as of December 31, 2024
  
$
40,717
 
  
 
 
 
 
Balance as of December 31, 2022
  
$
78,264
 
Net discount on convertible notes
  
 
1,042
 
Capitalized interest
  
 
470
 
Fair value adjustment
  
 
(20,107
) 
Fair value adjustment – credit risk
  
 
(1,182
) 
  
 
 
 
Balance as of December 31, 2023
  
$
58,487
 
  
 
 
 
Schedule of fair value, liabilities measured on recurring basis, unobservable input reconciliation
The following significant unobservable inputs were used in the valuation:
 
Table 10.4. Significant Unobservable Inputs
  
 
 
 
 
 
 
  
June 30,
2025
 
 
December 31,
2024
 
Discount rate
  
 
8.0
% 
 
 
7.5
% 
Volatility
  
 
56.6
% 
 
 
65.0
% 
Risk-free rate
  
 
4.1
% 
 
 
4.1
% 
The following significant unobservable inputs were used in the valuation:
Table 11.4. Significant Unobservable Inputs
 
 
  
December 31, 2024
 
 
December 31, 2023
 
Discount rate
  
 
7.5
% 
 
 
11.0
% 
Volatility
  
 
65.0
% 
 
 
66.5
% 
Risk-free rate
  
 
4.1
% 
 
 
4.2
% 
  
 
 
 
 
 
 
 
v3.25.2
Revenue recognition (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Revenue Recognition and Deferred Revenue [Abstract]    
Schedule of Disaggregation of Revenue [Table Text Block]
The following table summarizes the disaggregation of revenue by major product and service (in thousands):
 
Table 11.1. Revenue by Product and Service
  
 
 
  
 
 
  
 
 
  
 
 
 
  
Three months ended June 30,
 
  
Six months ended June 30,
 
 
  
2025
 
  
2024
 
  
2025
 
  
2024
 
Reserve income
  
$
634,274
 
  
$
423,263
 
  
$
1,192,185
 
  
$
782,902
 
Other revenue
  
  
  
  
Subscription and services
  
 
17,784
 
  
 
5,000
 
  
 
36,495
 
  
 
6,001
 
Transaction revenue
  
 
5,825
 
  
 
226
 
  
 
7,451
 
  
 
644
 
Other
  
 
195
 
  
 
1,541
 
  
 
520
 
  
 
5,577
 
Total other revenue
  
$
23,804
 
  
$
6,767
 
  
$
44,466
 
  
$
12,222
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenue and reserve income
  
$
658,078
 
  
$
430,030
 
  
$
1,236,651
 
  
$
795,124
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
The following table summarizes the disaggregation of revenue by major product and service (in thousands):
Table 12.1. Revenue by Product and Service
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Reserve income
  
$
1,661,084
 
  
$
1,430,606
 
  
$
735,885
 
Other revenue:
  
  
  
Transaction services
  
$
6,013
 
  
$
9,896
 
  
$
21,885
 
Treasury services
  
 
— 
 
  
 
— 
 
  
 
7,509
 
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Integration services
  
 
6,000
 
  
 
6,990
 
  
 
1,022
 
Other
  
 
3,156
 
  
 
2,974
 
  
 
5,751
 
  
 
 
 
  
 
 
 
  
 
 
 
Total other revenue
  
 
15,169
 
  
 
19,860
 
  
 
36,167
 
  
 
 
 
  
 
 
 
  
 
 
 
Total revenue and reserve income from continuing operations
  
$
1,676,253
 
  
$
1,450,466
 
  
$
772,052
 
  
 
 
 
  
 
 
 
  
 
 
 
Schedule of Deferred Revenue, by Arrangement, Disclosure [Table Text Block]
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
  
 
10,413
 
Revenue recognized that was included in the beginning period
  
 
(15,296
) 
  
 
 
 
Balance at
June 30, 2025
  
$
8,507
 
  
 
 
 
Balance at December 31, 2023
  
$
2,499
 
Deferred revenue billed in the current period, net of recognition
  
 
106
 
Revenue recognized that was included in the beginning period
  
 
(2,439
) 
  
 
 
 
Balance at
June 30, 2024
  
$
166
 
  
 
 
 
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 12.2. Changes in Deferred Revenue
 
Balance at December 31, 2023
  
$
2,499
 
Deferred revenue billed and acquired 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
 
Balance at December 31, 2022
  
$
3,155
 
Deferred revenue billed and acquired in the current period, net of recognition
  
 
2,499
 
Revenue recognized that was included in the beginning period
  
 
(3,155
) 
  
 
 
 
Balance at December 31, 2023
  
$
2,499
 
  
 
 
 
v3.25.2
Other expense (income), net (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Other Nonoperating Income (Expense) [Abstract]    
Schedule of Other expense (income), net
The following table presents our major categories of
Other (expense) income, net
(in thousands):
 
Table 12.1. Other (expense) income, net
  
 
 
  
 
 
  
 
 
  
 
 
 
  
Three months ended
June 30,
 
  
Six months ended June 30,
 
 
  
2025
 
  
2024
 
  
2025
 
  
2024
 
Gains (losses) on digital assets and other investments, net
  
$
5,233
 
  
$
(1,478
) 
  
$
(3,030
) 
  
$
2,888
 
Interest income on corporate balances
  
 
9,952
 
  
 
8,460
 
  
 
17,917
 
  
 
16,813
 
Changes in fair value of convertible debt, warrant liability, and embedded derivatives
  
 
(167,724
) 
  
 
(4,586
) 
  
 
(170,106
) 
  
 
3,509
 
Interest expense and amortization of discount
  
 
(344
) 
  
 
(504
) 
  
 
(679
) 
  
 
(1,001
) 
Other, net
  
 
(7,538
) 
  
 
29
 
  
 
(7,626
) 
  
 
269
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Other (expense) income, net
  
$
(160,421
) 
  
$
1,921
 
  
$
(163,524
) 
  
$
22,478
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
The following table presents our major categories of
Other income (expense), net
(in thousands):
Table 13. Other income (expense), net
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Interest income on corporate balances
  
$
34,712
 
  
$
29,262
 
  
$
8,645
 
Changes in fair value of convertible debt, warrant liability, and embedded derivatives
  
 
11,653
 
  
 
24,865
 
  
 
(698,936
) 
Gains (losses) on digital assets and other investments, net
  
 
8,560
 
  
 
(3,648
) 
  
 
(29,367
) 
Interest expense and amortization of discount
  
 
(1,906
) 
  
 
(1,912
) 
  
 
(2,684
) 
Other, net
  
 
1,397
 
  
 
854
 
  
 
1,949
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Other income (expense), net
  
$
54,416
 
  
$
49,421
 
  
$
(720,393
) 
  
 
 
 
  
 
 
 
  
 
 
 
v3.25.2
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Net Income (loss) before Income Taxes
The Company’s net income (loss) from continuing operations before provision for income taxes for the years ended December 31, 2024, 2023, and 2022 consists of the following (in thousands):
Table 14.1. Net Income (loss) before Income Taxes
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Domestic
  
$
241,476
 
  
$
364,179
 
  
$
25,997
 
Foreign
  
 
(19,902
) 
  
 
(45,230
) 
  
 
(784,506
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total net income (loss) before provision for income taxes
  
$
221,574
 
  
$
318,949
 
  
$
(758,509
) 
  
 
 
 
  
 
 
 
  
 
 
 
Schedule of Components of Income
The components of the provision for income taxes from continuing operations consist of the following (in thousands):
Table 14.2. Components of Income Taxes
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Current:
  
  
  
Federal
  
$
57,623
 
  
$
66,186
 
  
$
3,860
 
State
  
 
10,226
 
  
 
13,225
 
  
 
2,221
 
Foreign
  
 
542
 
  
 
882
 
  
 
(2,032
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Current
  
$
68,391
 
  
$
80,293
 
  
$
4,049
 
  
 
 
 
  
 
 
 
  
 
 
 
Deferred:
  
  
  
Federal
  
 
7,625
 
  
 
(31,383
) 
  
 
(394
) 
State
  
 
(652
) 
  
 
(834
) 
  
 
— 
 
Foreign
  
 
(10,781
) 
  
 
(676
) 
  
 
(392
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Deferred
  
 
(3,808
) 
  
 
(32,893
) 
  
 
(786
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
$
64,583
 
  
$
47,400
 
  
$
3,263
 
  
 
 
 
  
 
 
 
  
 
 
 
Schedule of Effective 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 14.3. Effective Tax Rate Reconciliation
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Federal income taxes at
21
%
  
$
46,530
 
  
$
66,979
 
  
$
(159,287
) 
Foreign tax credit reduction
  
 
10,175
 
  
 
— 
 
  
 
— 
 
Provision to return adjustments
  
 
(6,792
) 
  
 
1,416
 
  
 
(43
) 
State income taxes, net of federal benefit
  
 
6,591
 
  
 
9,712
 
  
 
1,638
 
Stock-based compensation
  
 
4,446
 
  
 
16,205
 
  
 
2,593
 
Federal research and experimentation credits
  
 
(4,067
) 
  
 
(756
) 
  
 
(4,974
) 
Other non-deductible Irish expenses
  
 
3,617
 
  
 
2,285
 
  
 
15,852
 
Foreign rate differential
  
 
(3,404
) 
  
 
25
 
  
 
2,154
 
Change in valuation allowance
  
 
3,283
 
  
 
(48,107
) 
  
 
2,438
 
ASC 740-10 reserve
  
 
2,230
 
  
 
(1,860
) 
  
 
2,282
 
Other
  
 
1,974
 
  
 
5,705
 
  
 
339
 
Change in fair value of convertible notes
  
 
— 
 
  
 
— 
 
  
 
140,271
 
IP transfer
  
 
— 
 
  
 
(4,204
) 
  
 
— 
 
  
 
 
 
  
 
 
 
  
 
 
 
Income tax expense
  
$
64,583
 
  
$
47,400
 
  
$
3,263
 
  
 
 
 
  
 
 
 
  
 
 
 
Schedule of Significant Components 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 14.4. Significant Components of Deferred Tax Assets and Liabilities
 
 
  
December 31, 2024
 
  
December 31, 2023
 
Deferred tax assets:
  
  
Stock based compensation
  
$
25,723
 
  
$
20,561
 
Capitalized research expenses
  
 
18,250
 
  
 
12,593
 
Net operating loss carryforwards
  
 
12,988
 
  
 
16,106
 
Accruals and reserves
  
 
11,431
 
  
 
7,393
 
Capital loss carryforward
  
 
5,760
 
  
 
3,353
 
Lease liabilities
  
 
3,741
 
  
 
305
 
Tax credit carryforwards
  
 
1,418
 
  
 
89
 
Unrealized loss on investments
  
 
1,368
 
  
 
10,852
 
Other, net
  
 
395
 
  
 
69
 
Unrealized foreign currency exchange gain (loss)
  
 
— 
 
  
 
68
 
  
 
 
 
  
 
 
 
Total deferred tax assets
  
 
81,074
 
  
 
71,389
 
Valuation allowance
  
 
(31,029
) 
  
 
(29,638
) 
  
 
 
 
  
 
 
 
Total deferred tax assets, net of valuation allowance
  
 
50,045
 
  
 
41,751
 
Deferred tax liabilities:
  
  
Intangible assets
  
 
(53,925
) 
  
 
(59,472
) 
Foreign branch income
  
 
(10,175
) 
  
 
— 
 
Right-of-use assets
  
 
(3,689
) 
  
 
(273
) 
Credit risk adjustment
  
 
(1,049
) 
  
 
(802
) 
Fixed assets
  
 
(290
) 
  
 
(444
) 
Unrealized foreign currency exchange gain (loss)
  
 
(253
) 
  
 
— 
 
Other
  
 
— 
 
  
 
(376
) 
  
 
 
 
  
 
 
 
Total deferred tax liabilities
  
 
(69,381
) 
  
 
(61,367
) 
  
 
 
 
  
 
 
 
Deferred tax liabilities, net
  
$
(19,336
) 
  
$
(19,616
) 
  
 
 
 
  
 
 
 
Schedule of Summary of Uncertain Tax Positions Activities The following tables present activity related to unrecognized tax benefits as of the dates indicated (in thousands):
Table 14.5. Summary of Uncertain Tax Positions Activities
 
 
  
December 31, 2024
 
  
December 31, 2023
 
Beginning balance
  
$
2,158
 
  
$
3,812
 
Increase related to tax positions taken during current year
  
 
1,511
 
  
 
253
 
Decrease related to tax positions taken during prior years
  
 
1,154
 
  
 
(1,907
) 
  
 
 
 
  
 
 
 
Ending balance
  
$
4,823
 
  
$
2,158
 
  
 
 
 
  
 
 
 
v3.25.2
Stockholders' equity (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Equity [Abstract]    
Schedule of Details of Common Shares Reserved
As of June 30, 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
  
 
 
  
 
 
 
  
June 30,
2025
 
  
December 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 combinations
  
 
2,015
 
  
 
548
 
Common stock issuable under stock award plan
  
 
37,518
 
  
 
42,694
 
Common stock available for future issuance under stock award plan
  
 
31,105
 
  
 
9,649
 
  
 
 
 
  
 
 
 
Total
  
 
70,638
 
  
 
192,653
 
  
 
 
 
  
 
 
 
As of December 31, 2024 and 2023, the Company has the following number of common shares reserved (in thousands):
Table 16. Details of Common Shares Reserved
 
 
  
December 31, 2024
 
  
December 31, 2023
 
Conversion of Series A redeemable convertible preferred stock
  
 
33,621
 
  
 
33,621
 
Conversion of Series B redeemable convertible preferred stock
  
 
17,586
 
  
 
17,586
 
Conversion of Series C redeemable convertible preferred stock
  
 
18,445
 
  
 
18,445
 
Conversion of Series D redeemable convertible preferred stock
  
 
23,203
 
  
 
23,203
 
Conversion of Series E redeemable convertible preferred stock
  
 
37,391
 
  
 
36,867
 
Conversion of Series F redeemable convertible preferred stock
  
 
9,516
 
  
 
9,516
 
Common stock issuable in connection with business combinations
  
 
548
 
  
 
2,036
 
Common stock issuable under stock award plan
  
 
42,694
 
  
 
35,353
 
Common stock available for future issuance under stock award plan
  
 
9,649
 
  
 
763
 
  
 
 
 
  
 
 
 
Total
  
 
192,653
 
  
 
177,390
 
  
 
 
 
  
 
 
 
v3.25.2
Redeemable convertible preferred stock (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Redeemable Convertible Preferred Stock [Abstract]    
Schedule of company's preferred stock
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 class
  
Issue Date
  
Issue price
 
  
Conversion

price
 
  
Liquidation

preference
 
  
Shares issued

(in thousands)
 
Series A
  
8/22/2013
  
$
0.27
 
  
$
0.27
 
  
$
0.27
 
  
 
33,621
 
Series B
  
2/26/2014
  
$
0.97
 
  
$
0.97
 
  
$
0.97
 
  
 
17,586
 
Series C
  
4/10/2015
  
$
2.17
 
  
$
2.17
 
  
$
2.17
 
  
 
18,445
 
Series D
  
5/17/2016
  
$
2.76
 
  
$
2.76
 
  
$
2.76
 
  
 
23,203
 
Series E
  
Various
  
$
16.23
 
  
$
16.23
 
  
$
16.23
 
  
 
37,391
 
Series F
  
5/9/2022
  
$
42.14
 
  
$
42.14
 
  
$
42.14
 
  
 
9,516
 
Following is a presentation of the key characteristics and shares outstanding for each class of the Company’s preferred stock as of December 31, 2024:
Table 17. Details of Preferred Stocks
 
Preferred stock class
  
Issue Date
  
Issue
price
 
  
Conversion

price
 
  
Liquidation

preference
 
  
Shares issued and

outstanding (in
thousands)
 
Series A
  
8/22/2013
  
$
0.27
 
  
$
0.27
 
  
$
0.27
 
  
 
33,621
 
Series B
  
2/26/2014
  
$
0.97
 
  
$
0.97
 
  
$
0.97
 
  
 
17,586
 
Series C
  
4/10/2015
  
$
2.17
 
  
$
2.17
 
  
$
2.17
 
  
 
18,445
 
Series D
  
5/17/2016
  
$
2.76
 
  
$
2.76
 
  
$
2.76
 
  
 
23,203
 
Series E
  
Various
  
$
16.23
 
  
$
16.23
 
  
$
16.23
 
  
 
37,391
 
Series F
  
5/9/2022
  
$
42.14
 
  
$
42.14
 
  
$
42.14
 
  
 
9,516
 
  
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
v3.25.2
Stock-based compensation (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]    
Summary of stock options valuation assumptions  
Table 18.1. Stock Options Valuation Assumptions
 
 
  
2023
 
  
2022
 
Risk-free interest rate
  
 
3.5% - 4.3%
 
  
 
1.8% - 2.9%
 
Expected term (years)
  
 
6.1 
- 
6.3
 
  
 
5.8 
- 
6.8
Expected volatility
  
 
46
% - 
47
%
 
  
 
50% - 55%
 
Expected annual dividend
  
 
—
 
 
  
 
—
 
 
  
 
 
 
  
 
 
 
Summary of outstanding stock options activities
A summary of outstanding stock options activities for the six months ended June 30, 2025 is presented as below:
 
Table 17.1. Summary of Outstanding Stock Options Activities
 
 
  
Number of
Stock

Options
(in thousands)
 
  
Weighted

Average
Exercise
Price
 
  
Weighted

Average
Remaining
Contractual
Term
(in years)
 
  
Aggregate
Intrinsic Value
(in thousands)
 
Balance as of December 31, 2024
  
 
22,751
 
  
$
8.48
 
  
 
5.5
 
  
$
522,900
 
Options exercised
  
 
(1,955
) 
  
 
3.48
 
  
  
Options forfeited
  
 
(93
) 
  
 
20.62
 
  
  
  
 
 
 
  
 
 
 
  
  
Balance as of June 30, 2025
  
 
20,703
 
  
 
8.90
 
  
 
4.6
 
  
 
3,568,967
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Exercisable at June 30, 2025
  
 
19,630
 
  
$
7.84
 
  
 
4.5
 
  
$
3,404,931
 
A summary of outstanding stock options activities for the years ended December 31
, 2024
and 2023
is presented as below:
Table 18.2. 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, 2023
  
 
24,453
 
  
$
8.26
 
  
 
6.50
 
  
$
488,807
 
Options exercised
  
 
(1,221
) 
  
 
1.32
 
  
  
Options forfeited
  
 
(481
) 
  
 
15.34
 
  
  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2024
  
 
22,751
 
  
 
8.48
 
  
 
5.53
 
  
 
522,900
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Exercisable at December 31, 2024
  
 
20,636
 
  
$
6.91
 
  
 
5.32
 
  
$
505,237
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
  
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, 2022
  
 
25,211
 
  
$
6.69
 
  
 
7.06
 
  
$
821,385
 
Options granted
  
 
1,730
 
  
 
28.68
 
  
  
Options exercised
  
 
(990
) 
  
 
1.05
 
  
  
Options forfeited
  
 
(1,498
) 
  
 
10.19
 
  
  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2023
  
 
24,453
 
  
 
8.26
 
  
 
6.50
 
  
 
488,807
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Exercisable at December 31, 2023
  
 
18,331
 
  
$
5.02
 
  
 
6.03
 
  
$
421,091
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Summary of outstanding unvested stock options activities
A summary of outstanding unvested stock options activities for the six months ended June 30, 2025 is presented as below:
 
Table 17.2. Summary of Outstanding Unvested Stock Options Activities
 
 
  
Number of

Shares
(in thousands)
 
  
Weighted

Average
Exercise
Price
 
Balance as of December 31, 2024
  
 
2,115
 
  
$
23.81
 
Options vested
  
 
(1,035
) 
  
 
19.20
 
Options forfeited
  
 
(8
) 
  
 
17.06
 
  
 
 
 
  
 
 
 
Balance as of June 30, 2025
  
 
1,072
 
  
$
28.30
 
  
 
 
 
  
 
 
 
A summary of outstanding unvested stock options activities for the years ended December 31
, 2024
and 2023
is presented as below, respectively:
Table 18.3
. Summary of Outstanding Unvested Stock Options Activities
 
 
  
Number of

Shares

(in thousands)
 
  
Weighted

Average

Exercise Price
 
Balance as of December 31, 2023
  
 
6,122
 
  
$
17.94
 
Options vested
  
 
(3,720
) 
  
 
14.87
 
Options forfeited
  
 
(287
) 
  
 
14.51
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2024
  
 
2,115
 
  
$
23.81
 
  
 
 
 
  
 
 
 
 
 
  
Number of

Shares (in
thousands)
 
  
Weighted

Average

Exercise Price
 
Balance as of December 31, 2022
  
 
10,765
 
  
$
11.23
 
Options granted
  
 
1,730
 
  
 
28.68
 
Options vested
  
 
(5,580
) 
  
 
8.99
 
Options forfeited
  
 
(793
) 
  
 
13.21
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2023
  
 
6,122
 
  
$
17.94
 
  
 
 
 
  
 
 
 
Summary of restricted stock units activities
A summary of RSUs activities for the six months ended June 30, 2025 is as follows:
 
17.3. Summary of Restricted Stock Units Activities
  
 
 
  
 
 
 
  
Number of
Shares
(in thousands)
 
  
Weighted-
Average
Grant Date

Fair Value
 
Balance as of December 31, 2024
  
 
19,943
 
  
$
30.85
 
RSUs granted
  
 
7,129
 
  
 
31.13
 
RSUs vested
  
 
(9,543
) 
  
 
33.37
 
RSUs forfeited
  
 
(714
) 
  
 
29.67
 
  
 
 
 
  
 
 
 
Balance as of June 30, 2025
  
$
16,815
 
  
$
29.58
 
  
 
 
 
  
 
 
 
A summary of RSUs activities for the years ended December 31
, 2024
and 2023
is as follows:
Table 18.4
. Summary of Restricted Stock Units Activities
 
 
  
Number of

Shares (in
thousands)
 
  
Weighted-

Average

Grant Date

Fair Value
 
Balance as of December 31, 2023
  
 
10,900
 
  
$
34.96
 
RSUs granted
  
 
10,927
 
  
 
27.08
 
RSUs vested
  
 
(3
) 
  
 
27.81
 
RSUs forfeited
  
 
(1,881
) 
  
 
32.77
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2024
  
 
19,943
 
  
$
30.85
 
  
 
 
 
  
 
 
 
 
 
  
Number of

Shares (in
thousands)
 
  
Weighted-

Average

Grant Date

Fair Value
 
Balance as of December 31, 2022
  
 
7,183
 
  
$
38.78
 
RSUs granted
  
 
4,992
 
  
 
30.42
 
RSUs vested
  
 
(61
) 
  
 
33.17
 
RSUs forfeited
  
 
(1,214
) 
  
 
38.98
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2023
  
 
10,900
 
  
$
34.96
 
  
 
 
 
  
 
 
 
Summary of shares issued for business combinations activities
 
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, 2024
  
 
548
 
  
$
47.82
 
Shares issued
  
 
1,473
 
  
 
31.16
 
Shares forfeited
  
 
(6
) 
  
 
47.82
 
  
 
 
 
  
 
 
 
Balance as of June 30, 2025
  
$
2,015
 
  
$
35.64
 
  
 
 
 
  
 
 
 
Table 18.5
. Summary of Shares Issued for Business Combinations Activities
 
 
  
Number of

Shares (in
thousands)
 
  
Weighted-

Average

Grant Date

Fair Value
 
Balance as of December 31, 2023
  
 
2,036
 
  
$
47.82
 
Shares vested
  
 
(1,445
) 
  
 
47.82
 
Shares forfeited
  
 
(43
) 
  
 
47.82
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2024
  
 
548
 
  
$
47.82
 
  
 
 
 
  
 
 
 
 
 
  
Number of

Shares (in
thousands)
 
  
Weighted-

Average

Grant Date

Fair Value
 
Balance as of December 31, 2022
  
 
2,952
 
  
$
47.82
 
Shares vested
  
 
(874
) 
  
 
47.82
 
Shares forfeited
  
 
(42
) 
  
 
47.82
 
  
 
 
 
  
 
 
 
Balance as of December 31, 2023
  
 
2,036
 
  
$
47.82
 
  
 
 
 
  
 
 
 
v3.25.2
Earnings (loss) per share (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Earnings Per Share [Abstract]    
Schedule of computation of net income per share
The computation of net income per share is as follows (in thousands, except per share amounts):
 
Table 18.1. Earnings (loss) per share
                            
 
  
Three months ended June 30,
 
  
Six months ended
June 30,
 
 
  
2025
 
  
2024
 
  
2025
 
  
2024
 
Net income (loss)
  
$
(482,100
) 
  
$
32,923
 
  
$
(417,309
) 
  
$
81,562
 
Less: Dividend preference on preferred shares
  
 
— 
 
  
 
(32,923
) 
  
 
— 
 
  
 
(81,562
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net income (loss) available to common stockholders – basic
  
$
(482,100
) 
  
$
— 
 
  
$
(417,309
) 
  
Net income (loss)
  
$
(482,100
) 
  
$
32,923
 
  
$
(417,309
) 
  
$
81,562
 
Less: Changes in fair value of convertible debt and warrant liability
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
(1,053
) 
Less: Dividend preference on preferred shares
  
 
— 
 
  
 
(32,923
) 
  
 
— 
 
  
 
(80,509
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net income (loss) available to common stockholders – diluted
  
$
(482,100
) 
  
$
— 
 
  
$
(417,309
) 
  
$
— 
 
Weighted-average common shares – basic
  
 
107,514
 
  
 
54,396
 
  
 
82,877
 
  
 
54,186
 
Add: Weighted-average effect of dilutive securities
  
 
— 
 
  
 
16,020
 
  
 
— 
 
  
 
18,790
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Weighted-average common shares – diluted
  
 
107,514
 
  
 
70,416
 
  
 
82,877
 
  
 
72,976
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Earnings (loss) per common share, basic and diluted
  
$
(4.48
) 
  
$
0.00
 
  
$
(5.04
) 
  
$
0.00
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Table 19.1. Earnings (loss) per Share
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Net income (loss) from continuing operations
  
$
156,991
 
  
$
271,549
 
  
$
(761,772
) 
Net loss from discontinued operations
  
 
(1,324
) 
  
 
(3,987
) 
  
 
(7,075
) 
  
 
 
 
  
 
 
 
  
 
 
 
Net income (loss)
  
$
155,667
 
  
$
267,562
 
  
$
(768,847
) 
Adjustments:
  
  
  
Dividend preference on preferred shares
  
$
(91,044
) 
  
$
(90,363
) 
  
$
— 
 
Undistributed earnings allocated to preferred shares
  
 
(46,514
) 
  
 
(132,291
) 
  
 
— 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net income (loss) available to common stockholders – basic
  
$
18,109
 
  
$
44,908
 
  
$
(768,847
) 
  
 
 
 
  
 
 
 
  
 
 
 
Changes in fair value of convertible debt and warrant liability
  
$
(1,036
) 
  
$
(15,264
) 
  
$
— 
 
Dividend preference on preferred shares
  
 
(90,363
) 
  
 
(90,363
) 
  
 
— 
 
Undistributed earnings allocated to preferred shares
  
 
(42,154
) 
  
 
(109,037
) 
  
 
— 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net income (loss) available to common stockholders – diluted
  
$
22,114
 
  
$
52,898
 
  
$
(768,847
) 
  
 
 
 
  
 
 
 
  
 
 
 
Weighted-average common shares – basic
  
 
54,413
 
  
 
47,265
 
  
 
46,663
 
Weighted-average effect of dilutive securities
  
 
18,629
 
  
 
20,284
 
  
 
— 
 
  
 
 
 
  
 
 
 
  
 
 
 
Weighted-average common shares – diluted
  
 
73,042
 
  
 
67,549
 
  
 
46,663
 
Earnings (loss) per common share:
  
  
  
Basic earnings (loss) per share
  
  
  
Continuing operations
  
$
0.33
 
  
$
0.95
 
  
$
(16.33
) 
Discontinued operations
  
 
(0.00
) 
  
 
(0.00
) 
  
 
(0.15
) 
  
 
 
 
  
 
 
 
  
 
 
 
Basic earnings (loss) per common share
  
$
0.33
 
  
$
0.95
 
  
$
(16.48
) 
  
 
 
 
  
 
 
 
  
 
 
 
Diluted earnings (loss) per common share:
  
  
  
Continuing operations
  
$
0.30
 
  
$
0.78
 
  
$
(16.33
) 
Discontinued operations
  
 
(0.00
) 
  
 
(0.00
) 
  
 
(0.15
) 
  
 
 
 
  
 
 
 
  
 
 
 
Diluted earnings (loss) per common share
  
$
0.30
 
  
$
0.78
 
  
$
(16.48
) 
  
 
 
 
  
 
 
 
  
 
 
 
Schedule of computation of diluted earnings (loss) per share
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
                            
 
  
Three Months Ended
June 30,
 
  
Six months ended
June 30,
 
 
  
2025
 
  
2024
 
  
2025
 
  
2024
 
Redeemable convertible preferred stock
  
 
— 
 
  
 
139,237
 
  
 
— 
 
  
 
139,237
 
Stock options and RSUs
  
 
37,518
 
  
 
— 
 
  
 
37,518
 
  
 
— 
 
Common stock in connection with business combinations
  
 
2,103
 
  
 
332
 
  
 
2,103
 
  
 
332
 
Convertible debt, net of debt discount
  
 
1,125
 
  
 
1,617
 
  
 
1,125
 
  
 
— 
 
Warrants
  
 
— 
 
  
 
1,535
 
  
 
— 
 
  
 
— 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
 
40,746
 
  
 
142,721
 
  
 
40,746
 
  
 
139,569
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Table 19.2. Potentially Dilutive Securities
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Redeemable convertible preferred stock
  
 
139,762
 
  
 
139,237
 
  
 
139,237
 
Stock options and RSUs
  
 
— 
 
  
 
— 
 
  
 
32,394
 
Common stock in connection with business combinations
  
 
211
 
  
 
1,027
 
  
 
3,262
 
Convertible debt
  
 
— 
 
  
 
— 
 
  
 
1,479
 
Warrants
  
 
— 
 
  
 
— 
 
  
 
1,535
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
 
139,973
 
  
 
140,264
 
  
 
177,907
 
  
 
 
 
  
 
 
 
  
 
 
 
v3.25.2
Accumulated other comprehensive income (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Comprehensive Income Note [Abstract]    
Summary of changes in each component of accumulated other comprehensive income
Following is a summary of the changes in each component of accumulated other comprehensive income (in thousands):
 
Table 19.1. Accumulated Other Comprehensive Income
  
 
 
  
 
 
 
  
Three Months Ended
June 30,
 
 
  
2025
 
  
2024
 
Accumulated other comprehensive income
  
  
Beginning balance
  
$
5,369
 
  
$
4,885
 
Pre-tax change – Foreign currency translation adjustment
  
 
9,984
 
  
 
(378
) 
Pre-tax change – Unrealized (loss) gain on convertible notes – credit risk adjustment
  
 
13
 
  
 
(273
) 
Pre-tax change – Unrealized gain (loss) on available-for-sale securities
  
 
— 
 
  
 
(55
) 
  
 
 
 
  
 
 
 
Total accumulated other comprehensive income, net of tax
  
$
15,366
 
  
$
4,179
 
  
 
 
 
  
 
 
 
 
Table 19.2. Accumulated Other Comprehensive Income
  
 
 
  
 
 
 
  
Six Months Ended June
30,
 
 
  
2025
 
  
2024
 
Accumulated other comprehensive income
  
  
Beginning balance
  
$
3,644
 
  
$
4,929
 
Pre-tax change – Foreign currency translation adjustment
  
 
11,793
 
  
 
(608
) 
Pre-tax change – Unrealized (loss) gain on convertible notes – credit risk adjustment
  
 
(78
) 
  
 
91
 
Pre-tax change – Unrealized gain (loss) on available-for-sale securities
  
 
— 
 
  
 
(233
) 
Tax effect
  
 
7
 
  
 
— 
 
  
 
 
 
  
 
 
 
Total accumulated other comprehensive income, net of tax
  
$
15,366
 
  
$
4,179
 
  
 
 
 
  
 
 
 
Table 20. Accumulated Other Comprehensive Income (loss)
 
 
  
Year ended December 31,
 
 
  
2024
 
  
2023
 
  
2022
 
Accumulated other comprehensive income (loss)
  
  
  
Beginning balance
  
$
4,929
 
  
$
3,356
 
  
$
4,711
 
Pre-tax change – Foreign currency translation adjustment
  
 
(1,899
) 
  
 
1,460
 
  
 
625
 
Pre-tax change – Unrealized gain (loss) on convertible notes – credit risk adjustment
  
 
1,095
 
  
 
1,182
 
  
 
(3,155
) 
Amount reclassified from accumulated other comprehensive income (loss) related to available-for-sale debt securities
  
 
(226
) 
  
 
(1,069
) 
  
 
1,175
 
Tax effect
  
 
(255
) 
  
 
— 
 
  
 
— 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total other comprehensive income (loss), net of tax
  
$
3,644
 
  
$
4,929
 
  
$
3,356
 
  
 
 
 
  
 
 
 
  
 
 
 
v3.25.2
Prepaid expenses and other current assets (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]    
Schedule of 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
  
 
 
  
 
 
 
  
June 30,
2025
 
  
December 31,
2024
 
Reserve income receivable
  
$
187,897
 
  
$
138,889
 
Prepaid expenses
  
 
19,027
 
  
 
15,602
 
Deferred offering costs
  
 
— 
 
  
 
4,235
 
Digital financial assets
  
 
532
 
  
 
14,328
 
Income tax receivable
  
 
1,567
 
  
 
8,507
 
Other
  
 
7,581
 
  
 
5,967
 
  
 
 
 
  
 
 
 
Total prepaid expenses and other current assets
  
$
216,604
 
  
$
187,528
 
  
 
 
 
  
 
 
 
Table 21. Details of Prepaid Expenses and Other Current Assets
 
 
  
December 31, 2024
 
  
December 31, 2023
 
Reserve income receivable
  
$
138,889
 
  
$
101,190
 
Income tax receivable
  
 
8,507
 
  
 
25,647
 
Prepaid expenses
  
 
15,602
 
  
 
14,394
 
Digital financial assets
  
 
14,328
 
  
 
— 
 
Deferred offering costs
  
 
4,235
 
  
 
782
 
Other
  
 
5,967
 
  
 
4,632
 
  
 
 
 
  
 
 
 
Total prepaid expenses and other current assets
  
$
187,528
 
  
$
146,645
 
  
 
 
 
  
 
 
 
v3.25.2
Accounts payable and accrued expenses (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Accounts Payable and Accrued Liabilities [Abstract]    
Schedule of 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
  
 
 
  
 
 
 
  
June 30,
2025
 
  
December 31,
2024
 
Accrued distribution costs
  
$
107,925
 
  
$
83,318
 
Stablecoin redemptions in transit
  
 
194,026
 
  
 
118,074
 
Accrued expenses
  
 
66,827
 
  
 
70,314
 
Income taxes payable
  
 
3,850
 
  
 
678
 
Accounts payable
  
 
28,522
 
  
 
5,505
 
Other payables
  
 
10,410
 
  
 
9,118
 
  
 
 
 
  
 
 
 
Total accounts payable and accrued expenses
  
$
411,560
 
  
$
287,007
 
  
 
 
 
  
 
 
 
Table 22. Details of Accounts Payable and Accrued Expenses
 
 
  
December 31, 2024
 
  
December 31, 2023
 
Stablecoin redemptions in transit
  
$
118,074
 
  
$
10,700
 
Accrued distribution costs
  
 
83,318
 
  
 
57,278
 
Accrued expenses
  
 
70,314
 
  
 
50,015
 
Income taxes payable
  
 
678
 
  
 
27,162
 
Accrued interest
  
 
514
 
  
 
740
 
Other payables
  
 
14,109
 
  
 
6,691
 
  
 
 
 
  
 
 
 
Total accounts payable and accrued expenses
  
$
287,007
 
  
$
152,586
 
  
 
 
 
  
 
 
 
v3.25.2
Circle Reserve Fund (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investment, Summarized Financial Information [Abstract]  
Summary of financial information of the circle reserve fund
 
Selected Assets and Liabilities Information:
  
2024 
(1)
 
  
2023
 (2)
 
Total assets
  
$
30,567,886
 
  
$
23,595,866
 
Total liabilities
  
$
129,015
 
  
$
107,939
 
  
 
 
 
  
 
 
 
Selected Income Statement Information:
  
2024 
(1)
 
  
2023 
(2)
 
Total investment income
  
$
1,460,787
 
  
$
1,173,135
 
Net increase in net assets resulting from operations
  
$
1,437,053
 
  
$
1,151,901
 
  
 
 
 
  
 
 
 
 
(1)
 
Summarized financial information is as of October 31, 2024 and for the fiscal year then ended.
(2)
 
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.
v3.25.2
Description of business - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 06, 2025
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jul. 01, 2024
Subsidiary, Sale of Stock [Line Items]                  
Stock issued during period, value, new issues     $ 570,129     $ 4,692 $ 1,037 $ 1,074,014  
Payments of stock issuance costs         $ 268 $ 3,870      
Preferred stock, shares authorized   500,000,000              
Preferred stock, par or stated value per share   $ 0.0001              
Share based compensation arrangement by share based payment award, options, vested, number of shares       1,035,000   3,720,000 5,580,000    
Common Class A [Member]                  
Subsidiary, Sale of Stock [Line Items]                  
Common stock, shares authorized 2,500,000,000 2,500,000,000 2,500,000,000 2,500,000,000   300,000,000 262,500,000   300
Common stock, par or stated value per share $ 0.0001 $ 0.0001 $ 0.0001 $ 0.0001   $ 0.0001 $ 0.0001   $ 0.0001
Stock based compensation expense       $ 423,800          
Conversion of stock, shares converted   19,600,000              
Common Class A [Member] | Convertible Preferred Stock [Member]                  
Subsidiary, Sale of Stock [Line Items]                  
Conversion of stock, shares converted   139,800,000              
Common Class B [Member]                  
Subsidiary, Sale of Stock [Line Items]                  
Common stock, shares authorized 500,000,000 500,000,000 500,000,000 500,000,000   0     300
Common stock, par or stated value per share $ 0.0001 $ 0.0001 $ 0.0001 $ 0.0001   $ 0.0001     $ 0.0001
Common Class C [Member]                  
Subsidiary, Sale of Stock [Line Items]                  
Common stock, shares authorized 500,000,000 500,000,000 500,000,000 500,000,000   0      
Common stock, par or stated value per share $ 0.0001 $ 0.0001 $ 0.0001 $ 0.0001   $ 0.0001      
IPO [Member]                  
Subsidiary, Sale of Stock [Line Items]                  
Stock issued during period, value, new issues       $ 583,000          
Payments of stock issuance costs       $ 12,800          
Preferred stock, shares authorized   500,000,000              
Preferred stock, par or stated value per share   $ 0.0001              
IPO [Member] | Common Class A [Member]                  
Subsidiary, Sale of Stock [Line Items]                  
Stock issued during period, shares, new issues 19,900,000     19,900,000          
Shares issued, price per share $ 31   $ 31 $ 31          
Common stock, shares authorized   2,500,000,000              
Common stock, par or stated value per share   $ 0.0001              
Stock based compensation expense   $ 423,800              
Capitalized computer software, gross   $ 62,700              
Share based compensation arrangement by share based payment award, options, vested, number of shares       9,500,000          
Share based payment arrangement, shares withheld for tax withholding obligation       4,000,000          
IPO [Member] | Common Class A [Member] | Convertible Preferred Stock [Member]                  
Subsidiary, Sale of Stock [Line Items]                  
Conversion of stock, shares converted   139,800,000              
IPO [Member] | Common Class A [Member] | Convertible Preferred Stock [Member] | Founder [Member]                  
Subsidiary, Sale of Stock [Line Items]                  
Conversion of stock, shares converted   19,600,000              
IPO [Member] | Common Class B [Member]                  
Subsidiary, Sale of Stock [Line Items]                  
Common stock, shares authorized   500,000,000              
Common stock, par or stated value per share   $ 0.0001              
IPO [Member] | Common Class C [Member]                  
Subsidiary, Sale of Stock [Line Items]                  
Common stock, shares authorized   500,000,000              
Common stock, par or stated value per share   $ 0.0001              
v3.25.2
Summary of Significant Accounting Policies - Summary of Acquired Intangible Assets Useful Life (Detail)
Jun. 30, 2025
Dec. 31, 2024
Regulatory licenses [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 5 years 5 years
Minimum [Member] | Developed technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 2 years 2 years
Minimum [Member] | Customer relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 2 years 2 years 6 months
Minimum [Member] | Patents and trade name [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 1 year 1 year
Maximum [Member] | Developed technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 6 years 6 years
Maximum [Member] | Customer relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 4 years 4 years
Maximum [Member] | Patents and trade name [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 17 years 17 years
v3.25.2
Summary of significant accounting policies - Additional Information (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Sep. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2025
Jun. 30, 2024
Jan. 01, 2024
Oct. 31, 2023
Nov. 07, 2022
Oct. 07, 2022
Summary of significant accounting policies [Line Items]                        
Cash and cash equivalents segregated for the benefit of stablecoin holders $ 24,346,152     $ 43,918,572 $ 24,346,152 $ 35,987,965 $ 61,365,920 $ 31,991,173        
Net asset value per share       $ 1                
Impairment of intangible assets excluding goodwill       $ 0 0 0            
Impairment of intangible assets finitelived       0 0 $ 0            
Investment owned, face amount                     $ 300 $ 300
Incremental credit losses   $ 1,000                    
Digital assets                 $ 6,900      
Deferred tax liabilities, net                 200      
Retained earnings accumulated deficit (1,385,607)     $ (1,223,213) $ (1,385,607)   (1,640,510)   $ 6,700      
Derecognition of digital assets $ 524,200                      
Centre Consortium LLC [Member]                        
Summary of significant accounting policies [Line Items]                        
Equity method investment, ownership percentage       50.00%                
2013 Share Award Plan [Member]                        
Summary of significant accounting policies [Line Items]                        
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage       100.00%                
Share-based compensation arrangement by share-based payment award, expiration period       10 years                
Common Stock [Member]                        
Summary of significant accounting policies [Line Items]                        
Stock issued during period, shares, employee stock purchase plans     240                  
Common stock, par or stated value per share                   $ 25.09    
Minimum [Member]                        
Summary of significant accounting policies [Line Items]                        
Equity ownership, excluding consolidated entity and equity method investee, percentage       20.00%                
Subsidiary of Common Parent [Member]                        
Summary of significant accounting policies [Line Items]                        
Cash and cash equivalents segregated for the benefit of stablecoin holders       $ 37,500,000     $ 53,200,000          
Chief Executive Officer [Member]                        
Summary of significant accounting policies [Line Items]                        
Investment owned, net assets, percentage                     40.00%  
v3.25.2
Acquisitions and divestitures - Summary of Recognized Identified Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Jan. 01, 2025
Dec. 31, 2024
Dec. 31, 2023
Jul. 01, 2022
Business Acquisition [Line Items]          
Goodwill $ 266,384   $ 169,544 $ 169,544  
Hashnote Holdings LLC [Member]          
Business Acquisition [Line Items]          
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   96,840      
Intangible assets, net   4,480      
Accounts payable and accrued expenses   (655)      
Other current liabilities   (2,383)      
Deferred tax liabilities   (1,043)      
Total purchase consideration   $ 100,065      
Billeto Inc [Member]          
Business Acquisition [Line Items]          
Cash and cash equivalents         $ 1,945
Goodwill         24,613
Intangible assets, net         4,600
Deferred tax liabilities         (550)
Other assets         232
Total purchase consideration         30,840
Cybavo Pte Ltd [Member]          
Business Acquisition [Line Items]          
Cash and cash equivalents         1,498
Fixed assets, net         528
Goodwill         120,917
Intangible assets, net         24,407
Deferred tax liabilities         (4,148)
Operating lease right-of-use assets         1,114
Other assets         335
Other current and noncurrent liabilities         (2,418)
Total purchase consideration         $ 142,233
v3.25.2
Acquisitions and divestitures - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jan. 01, 2025
May 31, 2023
Jul. 01, 2022
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jan. 01, 2024
Aug. 01, 2023
Oct. 01, 2022
Business Acquisition [Line Items]                    
Deferred tax assets, gross         $ 81,074 $ 71,389        
Deferred tax liabilities, net               $ 200    
Stock issued during period, value, acquisitions       $ 89,919   209,939 $ 120,961      
Exchange of assets into common share                   960,000
Gain on sale of intangible assets   $ 21,600     $ 0 $ (21,634) 0      
Payments for merger related costs             $ 44,200      
Common share related to merger termination             396,514      
Hashnote Holdings LLC [Member]                    
Business Acquisition [Line Items]                    
Business acquisition, percentage of voting interests acquired 100.00%                  
Business combination, consideration transferred $ 100,100                  
Payments to acquire businesses, gross 10,200                  
Business combination purchase price adjustment $ 300                  
Stock issued during period, shares, acquisitions 1,800,000                  
Business combination, recognized identifiable assets acquired and liabilities assumed, intangible assets, other than goodwill $ 4,480                  
Hashnote Holdings LLC [Member] | Software Developments [Member]                    
Business Acquisition [Line Items]                    
Business combination, recognized identifiable assets acquired and liabilities assumed, intangible assets, other than goodwill $ 1,700                  
Finite-lived intangible asset, useful life 2 years                  
Hashnote Holdings LLC [Member] | Customer Relationships [Member]                    
Business Acquisition [Line Items]                    
Business combination, recognized identifiable assets acquired and liabilities assumed, intangible assets, other than goodwill $ 2,800                  
Hashnote Holdings LLC [Member] | Common Class A [Member]                    
Business Acquisition [Line Items]                    
Stock issued during period, shares, acquisitions 2,900,000                  
Centre Consortium LLC [Member]                    
Business Acquisition [Line Items]                    
Business acquisition, percentage of voting interests acquired                 50.00%  
Business acquisition, transaction costs                 $ 209,900  
Deferred tax assets, gross                 8,700  
Deferred tax liabilities, net                 $ 57,300  
Business acquisition of common stock of the company measured at fair value                 8,400,000  
Billeto Inc [Member]                    
Business Acquisition [Line Items]                    
Business acquisition, percentage of voting interests acquired     100.00%              
Business combination, consideration transferred     $ 30,800              
Payments to acquire businesses, gross     14,400              
Business combination, recognized identifiable assets acquired and liabilities assumed, intangible assets, other than goodwill     4,600              
Stock issued during period, value, acquisitions     $ 16,400              
Stock issued during period, shares, employee benefit plan     1,300,000              
Billeto Inc [Member] | Software Developments [Member]                    
Business Acquisition [Line Items]                    
Business combination, recognized identifiable assets acquired and liabilities assumed, intangible assets, other than goodwill     $ 4,600              
Finite-lived intangible asset, useful life     2 years              
Billeto Inc [Member] | Common Class A [Member]                    
Business Acquisition [Line Items]                    
Stock issued during period, shares, acquisitions     300,000              
Cybavo Pte Ltd [Member]                    
Business Acquisition [Line Items]                    
Business acquisition, percentage of voting interests acquired     100.00%              
Business combination, consideration transferred     $ 142,200              
Payments to acquire businesses, gross     37,600              
Business combination, recognized identifiable assets acquired and liabilities assumed, intangible assets, other than goodwill     24,407              
Stock issued during period, value, acquisitions     $ 104,500              
Stock issued during period, shares, employee benefit plan     1,600,000              
Loan converted into shares     $ 10,000              
Cybavo Pte Ltd [Member] | Software Developments [Member]                    
Business Acquisition [Line Items]                    
Business combination, recognized identifiable assets acquired and liabilities assumed, intangible assets, other than goodwill     $ 15,600              
Finite-lived intangible asset, useful life     6 years              
Cybavo Pte Ltd [Member] | Customer Relationships [Member]                    
Business Acquisition [Line Items]                    
Business combination, recognized identifiable assets acquired and liabilities assumed, intangible assets, other than goodwill     $ 6,600              
Finite-lived intangible asset, useful life     2 years 6 months              
Cybavo Pte Ltd [Member] | Trade Names [Member]                    
Business Acquisition [Line Items]                    
Business combination, recognized identifiable assets acquired and liabilities assumed, intangible assets, other than goodwill     $ 2,200              
Finite-lived intangible asset, useful life     8 years 6 months              
Cybavo Pte Ltd [Member] | Common Class A [Member]                    
Business Acquisition [Line Items]                    
Stock issued during period, shares, acquisitions     2,200,000              
v3.25.2
Available-for-sale debt securities - Summary of Details of Available-for-sale Debt Securities (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost $ 0 $ 239,899
Unrealized Gains 0 239
Unrealized Losses 0 (15)
Fair Value 0 240,123
US Treasury Securities [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 0 111,379
Unrealized Gains 0 40
Unrealized Losses 0 (12)
Fair Value 0 111,407
US Government Agencies Debt Securities [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 0 128,520
Unrealized Gains 0 199
Unrealized Losses 0 (3)
Fair Value $ 0 $ 128,716
v3.25.2
Available-for-sale debt securities - Summary of Maturities of Available-for sale Debt Securities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Available For Sale Securities Debt Maturities [Line Items]    
Amortized Cost - one year or less $ 0 $ 152,108
Amortized Cost - After one year through five years 0 87,791
Amortized Cost - Total $ 0 $ 239,899
Percentage of Total - One year or less 0.00% 63.00%
Percentage of Total - After one year through five years 0.00% 37.00%
Percentage of Total - Total 0.00% 100.00%
Fair Value - One year or less $ 0 $ 152,183
Fair Value - After one year through five years 0 87,940
Fair Value - Total $ 0 $ 240,123
Percentage of Total - One year or less 0.00% 63.00%
Percentage of Total - After one year through five years 0.00% 37.00%
Percentage of Total - Total 0.00% 100.00%
v3.25.2
Available-for-sale debt securities - Summary of Interest Income on Available-for-sale Debt Securities (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-Sale [Abstract]      
Interest income $ 8,452 $ 5,771 $ 482,684
v3.25.2
Available-for-sale debt securities - Additional Information (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale [Abstract]    
Debt securities, available-for-sale, allowance for credit loss $ 0 $ 0
Debt securities, available-for-sale, amortized cost, maturity, allocated and single maturity date, after year 5 through 10 0 0
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss $ 0 $ 0
v3.25.2
Leases - Summary of Lease Cost (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]              
Operating lease cost $ 834 $ 1,108 $ 1,672 $ 2,226 $ 4,406 $ 1,813 $ 1,824
Short-term lease cost $ 165 $ 248 $ 332 $ 483 $ 895 $ 180 $ 916
v3.25.2
Leases - Summary of Lease Right-of-use Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease right-of-use assets $ 14,933 $ 15,493 $ 1,624
Operating lease liabilities - current 2,704 2,637 1,647
Operating lease liabilities - non-current 12,725 13,074 132
Total operating lease liabilities $ 15,429 $ 15,711 $ 1,779
v3.25.2
Leases - Summary of Weighted Average Lease Terms and Discount Rates (Detail)
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Weighted-average remaining lease term 7 years 9 months 18 days 8 years 3 months 18 days 1 year 1 month 6 days
Weighted-average discount rates 13.30% 12.80% 8.50%
v3.25.2
Leases - Summary of Maturities of Lease Liabilities (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
2025 (remaining 6 months) $ 1,664 $ 3,065
2026 3,146 3,091
2027 3,199 3,144
2028 2,791 2,787
2029 3,058 3,058
Thereafter 11,944 11,944
Total lease payments 25,802 27,089
Less: imputed interest 10,373 11,378
Total lease liabilities $ 15,429 $ 15,711
v3.25.2
Intangible assets, net - Summary of Acquired Finite-Lived Intangible Assets (Detail)
Jun. 30, 2025
Dec. 31, 2024
Developed technology [Member] | Minimum [Member]    
Indefinite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 2 years 2 years
Developed technology [Member] | Maximum [Member]    
Indefinite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 6 years 6 years
Customer relationships [Member] | Minimum [Member]    
Indefinite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 2 years 2 years 6 months
Customer relationships [Member] | Maximum [Member]    
Indefinite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 4 years 4 years
Regulatory licenses [Member]    
Indefinite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 5 years 5 years
Patents and trade name [Member] | Minimum [Member]    
Indefinite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 1 year 1 year
Patents and trade name [Member] | Maximum [Member]    
Indefinite-Lived Intangible Assets [Line Items]    
Finite-lived intangible asset, useful life 17 years 17 years
v3.25.2
Intangible assets, net - Summary of Details of Intangible Assets, net (Detail) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]      
Amortizing intangible assets, gross $ 270,797 $ 177,952 $ 125,088
Total intangible assets, net 537,201 444,356 391,442
Intangible assets, Accumulated Amortization (140,232) (112,962) (64,061)
Finite-lived intangible assets, net 130,565 64,990 61,027
Indefinite-lived intangible assets acquired 266,404 266,404 266,354
Total intangible assets, net 396,969 331,394 327,381
Software Developments [Member]      
Indefinite-Lived Intangible Assets [Line Items]      
Amortizing intangible assets, gross 234,744 146,579 95,838
Intangible assets, Accumulated Amortization (119,232) (94,646) (52,710)
Finite-lived intangible assets, net $ 115,512 $ 51,933 $ 43,128
Acquired finite-lived intangible assets, Weighted average remaining useful life (in years) 1 year 8 months 12 days 1 year 4 months 24 days 1 year 6 months
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination [Member]      
Indefinite-Lived Intangible Assets [Line Items]      
Amortizing intangible assets, gross $ 36,053 $ 31,373 $ 29,250
Intangible assets, Accumulated Amortization (21,000) (18,316) (11,351)
Finite-lived intangible assets, net $ 15,053 $ 13,057 $ 17,899
Acquired finite-lived intangible assets, Weighted average remaining useful life (in years) 4 years 7 months 6 days 5 years 9 months 18 days 3 years 10 months 24 days
v3.25.2
Intangible assets, net - Summary of Future Amortization Expense of Intangible Assets (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
2025 (remaining 6 months) $ 40,820    
2025 / 2026 63,351 $ 41,219  
2026 / 2027 22,530 16,987  
2027 / 2028 1,774 2,919  
2028 / 2029 384 1,774  
2029   384  
Thereafter 1,706 1,707  
Total amortization expense $ 130,565 $ 64,990 $ 61,027
v3.25.2
Intangible assets, net - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Indefinite-Lived Intangible Assets [Line Items]              
Amortization of Intangible Assets $ 13.6 $ 12.2 $ 27.1 $ 23.3 $ 49.0 $ 33.1 $ 12.3
Software Developments [Member]              
Indefinite-Lived Intangible Assets [Line Items]              
Amortization of Intangible Assets 12.3 10.3 24.4 19.4 42.0 24.9 8.9
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination [Member]              
Indefinite-Lived Intangible Assets [Line Items]              
Amortization of Intangible Assets $ 1.3 $ 1.9 $ 2.7 $ 3.9 $ 7.0 $ 8.3 $ 3.4
v3.25.2
Fixed assets, net - Summary of Fixed Assets (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Total Fixed assets $ 29,243 $ 23,463 $ 6,371
Less: accumulated depreciation and amortization (5,439) (4,781) (3,752)
Total Fixed assets, net 23,804 18,682 2,619
Computers & equipment [Member]      
Property, Plant and Equipment [Line Items]      
Total Fixed assets 5,223 4,920 4,543
Leasehold improvements [Member]      
Property, Plant and Equipment [Line Items]      
Total Fixed assets 20,107 739 572
Construction in progress [Member]      
Property, Plant and Equipment [Line Items]      
Total Fixed assets 0 16,204  
Other [Member]      
Property, Plant and Equipment [Line Items]      
Total Fixed assets $ 3,913 $ 1,600 $ 1,256
v3.25.2
Fixed assets, net - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]              
Depreciation $ 0.6 $ 0.5 $ 1.0 $ 0.9 $ 1.9 $ 1.8 $ 1.0
v3.25.2
Digital assets - Summary of Details of Digital Assets (Detail)
$ in Thousands
Jun. 30, 2025
USD ($)
Quantity
Dec. 31, 2024
USD ($)
Quantity
Dec. 31, 2023
USD ($)
Crypto Asset, Holding [Line Items]      
Cost Basis $ 30,730 $ 19,758  
Fair Value $ 35,113 $ 31,330 $ 11,339
Sui [Member]      
Crypto Asset, Holding [Line Items]      
Quantity | Quantity 3,564,079 2,304,672  
Cost Basis $ 7,792 $ 2,385  
Fair Value $ 9,898 $ 9,483  
Bitcoin [Member]      
Crypto Asset, Holding [Line Items]      
Quantity | Quantity 73 73  
Cost Basis $ 2,193 $ 2,113  
Fair Value $ 7,829 $ 6,781 4,680
Ether [Member]      
Crypto Asset, Holding [Line Items]      
Quantity | Quantity 1,726 1,746  
Cost Basis $ 4,412 $ 4,455  
Fair Value $ 4,300 $ 5,815 3,123
Syrup [Member]      
Crypto Asset, Holding [Line Items]      
Quantity | Quantity 4,951,165 49,512  
Cost Basis $ 2,500 $ 2,500  
Fair Value $ 2,686 $ 772  
Worldcoin [Member]      
Crypto Asset, Holding [Line Items]      
Quantity | Quantity 2,779,348 0  
Cost Basis $ 3,300 $ 0  
Fair Value $ 2,498 $ 0  
Sei [Member]      
Crypto Asset, Holding [Line Items]      
Quantity | Quantity 6,250,000 6,250,000  
Cost Basis $ 2,385 $ 2,385  
Fair Value $ 1,763 $ 2,472  
Starknet [Member]      
Crypto Asset, Holding [Line Items]      
Quantity | Quantity 13,601,010 0  
Cost Basis $ 1,616 $ 0  
Fair Value $ 1,587 $ 0  
Zebec Network [Member]      
Crypto Asset, Holding [Line Items]      
Quantity | Quantity 366,555,944 310,290,738  
Cost Basis $ 524 $ 420  
Fair Value $ 1,252 $ 276  
Aptos [Member]      
Crypto Asset, Holding [Line Items]      
Quantity | Quantity 217,378 217,378  
Cost Basis $ 1,487 $ 1,487  
Fair Value $ 1,062 $ 1,891  
Optimism [Member]      
Crypto Asset, Holding [Line Items]      
Quantity | Quantity 867,303 867,303  
Cost Basis $ 1,330 $ 1,330  
Fair Value 491 1,518  
Other digital assets      
Crypto Asset, Holding [Line Items]      
Cost Basis 3,191 2,683  
Fair Value $ 1,747 2,322 $ 3,536
Other Digital Assets [Member]      
Crypto Asset, Holding [Line Items]      
Cost Basis   5,603  
Fair Value   $ 3,370  
v3.25.2
Digital assets - Summary of Changes in the Fair Value of Digital Assets (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Digital assets [Abstract]  
Beginning balance $ 11,339
Cumulative effect of the adoption of ASU 2023-08 6,921
Addition of digital assets 12,339 [1]
Disposition of digital assets (10,148) [2]
Gains 13,468 [3]
Losses (2,589) [3]
Ending balance $ 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. These amounts include cumulative realized gains of $4.2 million and realized losses of $0.9 million during the year ended December 31, 2024, respectively.
v3.25.2
Digital assets - Summary of Changes in the Fair Value of Digital Assets (Parenthetical) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Digital assets [Abstract]  
Cumulative realized gain $ 4.2
Cumulative realized losses $ 0.9
v3.25.2
Digital assets - Schedule of Digital Assets Gain (Losses) And Impairment (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Digital assets [Abstract]              
(Gains)/losses on disposals of digital assets $ (7) $ (885) $ (30) $ (2,888) $ (3,375) $ (13,964) $ (158,015)
(Gains)/losses on changes in fair value of hedged items         0 (9,031) 0
(Gains)/losses on changes in fair value of embedded derivatives 0 0 0 1,629 1,629 8,553 (211,997)
Unrealized (gains)/losses on changes in fair value of digital assets (686) 3,814 5,607 (185) (2,505) 0 0
Impairments on digital assets         0 954 427,448
Total $ (693) $ 2,929 $ 5,577 $ (1,444) $ (4,251) $ (13,488) $ 57,436
v3.25.2
Digital assets - Additional Information (Detail) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Crypto Asset, Holding [Line Items]    
Crypto Asset, Fair Value, Restricted $ 2.4 $ 3.9
v3.25.2
Investments - Schedule of the Changes in the Carrying Value of Equity Investments (Detail) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]        
Balance at beginning of period $ 68,229 [1] $ 66,008 [2] $ 66,008 [2] $ 42,516
Investments in privately held companies 9,674 1,273 1,162 25,390
Upward adjustments 1,511 4,142 4,969 753
Downward adjustments (3,156) (233) (2,098) (1,040)
Realized gains (losses) and impairments (217) (368) (1,812) (1,611)
Balance at end of period $ 76,041 [3] $ 70,822 [4] $ 68,229 [1] $ 66,008 [2]
[1] Excludes $15.9 million of strategic investments not accounted for under the measurement alternative as of December 31, 2024.
[2] Excludes $9.9 million of strategic investments not accounted for under the measurement alternative as of December 31, 2023.
[3] Excludes $7.8 million of strategic investments not accounted for under the measurement alternative as of June 30, 2025.
[4] Excludes $9.0 million of strategic investments not accounted for under the measurement alternative as of June 30, 2024.
v3.25.2
Investments - Additional Information (Detail) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]        
Investments $ 83,794,000 $ 84,114,000   $ 75,874,000
Other Investments $ 7,800,000 $ 15,900 $ 9,000,000 $ 9,900
v3.25.2
Derivatives and embedded derivatives - Schedule of derivative instruments in statement of financial position, fair value (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jan. 01, 2024
Derivative Instrument Detail [Abstract]      
Investments - embedded derivatives $ 3,559 $ 8,982 $ 3,521
Investments - derivatives $ 164 350 587
Obligation to return digital asset collateral — embedded derivatives [1]   $ 0 $ 1,392
[1] Represents $1.4 million of embedded derivatives in fair value hedging relationships as of December 31, 2023. The hedging relationships were de-designated upon the adoption of ASU 2023-08 on January 1, 2024.
v3.25.2
Derivatives and embedded derivatives - Schedule of derivative instruments in statement of financial position, fair value (Parenthetical) (Detail)
$ in Millions
Dec. 31, 2023
USD ($)
Derivative Instrument Detail [Abstract]  
Embedded derivatives in fair value hedging $ 1.4
v3.25.2
Derivatives and embedded derivatives - Schedule of notional amounts related to derivatives and embedded derivatives (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Obligation to return digital asset collateral — embedded derivatives      
Embedded Derivative [Line Items]      
Derivative, notional amount [1]   $ 0 $ 1,905
Investments – embedded derivatives      
Embedded Derivative [Line Items]      
Derivative, notional amount $ 1,223 791 1,590
Investments – derivatives      
Embedded Derivative [Line Items]      
Derivative, notional amount $ 353 $ 384 $ 1,244
[1] Represents $1.9 million of notional value associated with embedded derivatives in fair value hedging relationships as of December 31, 2023. The hedging relationships were de-designated upon the adoption of ASU 2023-08 on January 1, 2024.
v3.25.2
Derivatives and embedded derivatives - Schedule of notional amounts related to derivatives and embedded derivatives (Parenthetical) (Detail)
$ in Millions
Dec. 31, 2023
USD ($)
Embedded Hedging Derivatives Held As Collateral [Member]  
Embedded Derivative [Line Items]  
Derivative, notional amount $ 1.9
v3.25.2
Derivatives and embedded derivatives - Derivative instruments, gain (loss) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]              
Obligation to return digital asset collateral - embedded derivatives $ 0 [1] $ 0 [1] $ 0 [1] $ 1,629 [1] $ 1,629 [2] $ (478) [2] $ 211,997 [2]
Accounts receivable, net - embedded derivatives (408) 0 (1,384) 0      
Prepaid expenses and other assets — embedded derivatives [3]         0 935 (3,253)
Loans payable, net of debt discount — embedded derivatives [3]             (887)
Investments - derivatives and embedded derivatives $ 1,209 [4] $ (2,734) [4] $ (4,131) [4] $ 336 [4] 8,175 [3] 2,776 [3] 1,178 [3]
Derivative [Member]              
Derivatives, Fair Value [Line Items]              
Obligation to return digital asset collateral - embedded derivatives [2]         1,629 8,553 211,997
Prepaid expenses and other assets — embedded derivatives [3]         0 935 (3,253)
Loans payable, net of debt discount — embedded derivatives [3]             (887)
Investments - derivatives and embedded derivatives [3]         8,175 2,776 1,178
Hedged Items [Member]              
Derivatives, Fair Value [Line Items]              
Obligation to return digital asset collateral - embedded derivatives         0 (9,031) [2] 0
Prepaid expenses and other assets — embedded derivatives [3]         0 0 0
Loans payable, net of debt discount — embedded derivatives [3]             0
Investments - derivatives and embedded derivatives [3]         $ 0 $ 0 $ 0
[1] Included in Digital assets (gains) losses in the unaudited Condensed Consolidated Statements of Operations.
[2] Included in Digital assets (gains) losses and impairment in the Consolidated Statements of Operations. The hedging relationships were de-designated upon the adoption of ASU 2023-08 on January 1, 2024.
[3] Included in Other income (expense), net in the Consolidated Statements of Operations.
[4] Included in Other (expense) income, net in the unaudited Condensed Consolidated Statements of Operations.
v3.25.2
Derivatives and embedded derivatives - Schedule of hedging instruments (Detail) - Digital Assets [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Derivative Instrument Detail [Line Items]    
Carrying Value of the Hedged Item [1] $ 0 $ 3,297
Cumulative Fair Value Hedging Adjustments Included in the Carrying Value [1] $ 0 $ 9,031
[1] The hedging relationships were de-designated upon the adoption of ASU 2023-08 on January 1, 2024
v3.25.2
Fair value measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jan. 01, 2024
Dec. 31, 2023
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]        
Available-for-sale debt securities, at fair value   $ 0   $ 152,183
Convertible debt, net of debt discount $ 206,100 40,700   58,500
Obligation to return digital asset collateral — embedded derivatives [1]   0 $ 1,392  
Fair Value, Inputs, Level 1 [Member]        
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]        
Cash equivalents 53,958,277 37,841,697   22,237,963
Available-for-sale debt securities, at fair value   0   111,407
Digital assets 35,113 31,330 [2]   3,297 [2]
Digital financial assets 532 14,328   0
Investments - derivatives and embedded derivatives 0 0 [2],[3]   0 [2],[3]
Total assets 53,993,922 37,887,355   22,352,667
Convertible debt, net of debt discount 0 0   0
Obligation to return digital asset collateral — embedded derivatives [4],[5]   0   0
Warrant liability 0 0   0
Total liabilities 0 0   0
Fair Value, Inputs, Level 1 [Member] | Previously Reported [Member]        
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]        
Total assets   37,877,355    
Fair Value, Inputs, Level 2 [Member]        
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]        
Cash equivalents 0 0   0
Available-for-sale debt securities, at fair value   0   128,716
Digital assets 0 0 [2]   0 [2]
Digital financial assets 0 0   0
Investments - derivatives and embedded derivatives 3,723 9,332 [2],[3]   4,108 [2],[3]
Total assets 3,723 9,332   132,824
Convertible debt, net of debt discount 0 0   0
Obligation to return digital asset collateral — embedded derivatives [4],[5]   0   1,392
Warrant liability 0 0   0
Total liabilities 0 0   1,392
Fair Value, Inputs, Level 3 [Member]        
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]        
Cash equivalents 0 0   0
Available-for-sale debt securities, at fair value   0   0
Digital assets 0 0 [2]   0 [2]
Digital financial assets 0 0   0
Investments - derivatives and embedded derivatives 0 0 [2],[3]   0 [2],[3]
Total assets 0 0   0
Convertible debt, net of debt discount 206,140 40,717   58,487
Obligation to return digital asset collateral — embedded derivatives [4],[5]   0   0
Warrant liability 0 1,591   1,642
Total liabilities $ 206,140 $ 42,308   $ 60,129
[1] Represents $1.4 million of embedded derivatives in fair value hedging relationships as of December 31, 2023. The hedging relationships were de-designated upon the adoption of ASU 2023-08 on January 1, 2024.
[2] Prior to January 1, 2024, only digital assets collateral designated as fair value hedged items are included under the fair value hierarchy. Subsequent to the adoption of ASU 2023-08 on January 1, 2024, digital assets are measured at fair value.
[3] Excluded the host contract balance of $0.8 million and $1.6 million as of December 31, 2024 and 2023, respectively.
[4] Excluded obligation to return digital asset collateral of $1.9 million, representing the debt host obligation which is not measured and recorded at fair value as of December 31, 2023.
[5] The fair value measurement is based on the quoted market price of the underlying digital asset.
v3.25.2
Fair value measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jun. 30, 2025
Dec. 31, 2024
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]      
Reserve Funds   $ 53,200.0 $ 37,500.0
Derivative Host Contracts $ 1.6 $ 1.2 $ 0.8
Obligation To Return Collateral Digital Assets $ 1.9    
v3.25.2
Fair value measurements - Schedule Of Warranty Liability (Detail) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Warrant Liability [Line Items]          
Balance $ 0 $ 1,526 $ 1,591 $ 1,642 $ 2,689
Fair value adjustment   $ (116) $ (51) $ (1,047)  
Warrant [Member]          
Warrant Liability [Line Items]          
Warrants exercised $ (1,591)        
v3.25.2
Fair value measurements - Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Detail)
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Measurement Input, Discount Rate [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Significant Unobservable Inputs 8 0.075 0.11
Measurement Input, Price Volatility [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Significant Unobservable Inputs 56.6 0.65 0.665
Measurement Input, Risk Free Interest Rate [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Significant Unobservable Inputs 4.1 0.041 0.042
v3.25.2
Fair value measurements - Schedule of Changes in Carrying Value of Convertible Debt, Net of Debt Discount (Detail) - Convertible Debt [Member] - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Changes in Carrying Value of Warrant Liability [Line Items]          
Balance $ 206,140 $ 56,382 $ 40,717 $ 58,487 $ 78,264
Net discount on convertible notes 420 564 1,062 1,042  
Capitalized interest 334 479 479 470  
Fair value adjustment 164,591 (3,057) (3,428) (20,107)  
Fair value adjustment – credit risk $ 78 $ (91) (1,095) $ (1,182)  
Series E Preferred Stock [Member]          
Changes in Carrying Value of Warrant Liability [Line Items]          
Debt Conversion, Converted Instrument, Amount     $ (14,788)    
v3.25.2
Fair value measurements - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Mar. 01, 2019
Dec. 31, 2024
Jun. 30, 2025
Feb. 21, 2025
Feb. 20, 2025
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]          
Preferred stock at a price     $ 16.23    
Convertible Debt [Member]          
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]          
Debt Instrument, Face Amount $ 24.0 $ 24.0      
Debt Instrument, Interest Rate, Effective Percentage 2.90% 2.90%      
Debt Instrument, Maturity Date Mar. 01, 2026 Mar. 01, 2026      
Series E Preferred Stock [Member]          
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]          
Preferred stock at a price   $ 16.23 $ 16.23 $ 16.23  
Preferred Stock, Shares Issued   37,391,000   85,000 45,000
v3.25.2
Revenue recognition - Schedule of Disaggregation of Revenue (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]              
Reserve income $ 634,274 $ 423,263 $ 1,192,185 $ 782,902 $ 1,661,084 $ 1,430,606 $ 735,885
Subscription and services 17,784 5,000 36,495 6,001      
Transaction revenue 5,825 226 7,451 644      
Treasury Services         0 0 7,509
Transaction services         6,013 9,896 21,885
Integration Services         6,000 6,990 1,022
Other 195 1,541 520 5,577 3,156 2,974 5,751
Total other revenue 23,804 6,767 44,466 12,222 15,169 19,860 36,167
Total revenue and reserve income $ 658,078 $ 430,030 $ 1,236,651 $ 795,124 $ 1,676,253 $ 1,450,466 $ 772,052
v3.25.2
Revenue recognition - Schedule of Deferred Revenue, by Arrangement, Disclosure (Detail) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]        
Beginning balance $ 13,390 $ 2,499 $ 2,499 $ 3,155
Deferred Revenue Recognized 10,413 106 13,390 2,499
Revenue Recognized (15,296) (2,439) (2,499) (3,155)
Ending balance $ 8,507 $ 166 $ 13,390 $ 2,499
v3.25.2
Other expense (income), net - Schedule of Other expense (income), net (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Nonoperating Income (Expense) [Abstract]              
Gains (losses) on digital assets and other investments, net $ 5,233 $ (1,478) $ (3,030) $ 2,888 $ 8,560 $ (3,648) $ (29,367)
Interest income on corporate balances 9,952 8,460 17,917 16,813 34,712 29,262 8,645
Changes in fair value of convertible debt, warrant liability, and embedded derivatives (167,724) (4,586) (170,106) 3,509 11,653 24,865 (698,936)
Interest expense and amortization of discount (344) (504) (679) (1,001) (1,906) (1,912) (2,684)
Other, net (7,538) 29 (7,626) 269 1,397 854 1,949
Total Other (expense) income, net $ (160,421) $ 1,921 $ (163,524) $ 22,478 $ 54,416 $ 49,421 $ (720,393)
v3.25.2
Income taxes - Schedule of Net Income (loss) before Income Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Domestic $ 241,476 $ 364,179 $ 25,997
Foreign (19,902) (45,230) (784,506)
Total net income (loss) before provision for income taxes $ 221,574 $ 318,949 $ (758,509)
v3.25.2
Income taxes - Schedule of Components of Income Taxes (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]              
Federal         $ 57,623 $ 66,186 $ 3,860
State         10,226 13,225 2,221
Foreign         542 882 (2,032)
Total Current         68,391 80,293 4,049
Federal         7,625 (31,383) (394)
State         (652) (834) 0
Foreign         (10,781) (676) (392)
Total Deferred         (3,808) (32,893) (786)
Income tax expense $ (3,903) $ 19,244 $ 21,143 $ 43,481 $ 64,583 $ 47,400 $ 3,263
v3.25.2
Income taxes - Schedule of Effective Tax Rate Reconciliation (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]              
Federal income taxes at 21%         $ 46,530 $ 66,979 $ (159,287)
Foreign tax credit reduction         10,175 0 0
Provision to return adjustments         (6,792) 1,416 (43)
State income taxes, net of federal benefit         6,591 9,712 1,638
Stock-based compensation         4,446 16,205 2,593
Federal research and experimentation credits         (4,067) (756) (4,974)
Other non-deductible Irish expenses         3,617 2,285 15,852
Foreign rate differential         (3,404) 25 2,154
Change in valuation allowance         3,283 (48,107) 2,438
ASC 740-10 reserve         2,230 (1,860) 2,282
Other         1,974 5,705 339
Change in fair value of convertible notes         0 0 140,271
IP transfer         0 (4,204) 0
Income tax expense $ (3,903) $ 19,244 $ 21,143 $ 43,481 $ 64,583 $ 47,400 $ 3,263
v3.25.2
Income taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Stock based compensation $ 25,723 $ 20,561
Capitalized research expenses 18,250 12,593
Net operating loss carryforwards 12,988 16,106
Accruals and reserves 11,431 7,393
Capital loss carryforward 5,760 3,353
Lease liabilities 3,741 305
Tax credit carryforwards 1,418 89
Unrealized loss on investments 1,368 10,852
Other, net 395 69
Unrealized foreign currency exchange gain (loss) 0 68
Total deferred tax assets 81,074 71,389
Valuation allowance (31,029) (29,638)
Total deferred tax assets, net of valuation allowance 50,045 41,751
Intangible assets (53,925) (59,472)
Foreign branch income (10,175) 0
Right-of-use assets (3,689) (273)
Credit risk adjustment (1,049) (802)
Fixed assets (290) (444)
Unrealized foreign currency exchange gain (loss) (253) 0
Other 0 (376)
Total deferred tax liabilities (69,381) (61,367)
Total deferred tax liabilities $ (19,336) $ (19,616)
v3.25.2
Income taxes - Summary of Uncertain Tax Positions Activities (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Beginning balance $ 2,158 $ 3,812
Increase related to tax positions taken during current year 1,511 253
Decrease related to tax positions taken during prior years 1,154 (1,907)
Ending balance $ 4,823 $ 2,158
v3.25.2
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]              
Income Tax Expense (benefit) $ (3,903) $ 19,244 $ 21,143 $ 43,481 $ 64,583 $ 47,400 $ 3,263
Effective Income Tax Rate Reconciliation, Percent 0.80% 36.90% (5.30%) 34.80%      
Discontinued Operation         $ 798 0  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent         21.00%    
Deferred Tax Assets, Operating Loss Carryforwards, Foreign         $ 49,200    
Deferred Tax Assets, Capital Loss Carryforwards         5,760 3,353  
Unrecognized Tax Benefits         4,823 $ 2,158 $ 3,812
Unrecognized Tax Benefits Period Increase Decrease If Recognized         4,400    
Foreign Country [Member]              
Operating Loss Carryforwards [Line Items]              
Deferred Tax Assets, Capital Loss Carryforwards         12,800    
Tax Year 2038 [Member]              
Operating Loss Carryforwards [Line Items]              
Deferred Tax Assets, Operating Loss Carryforwards, Domestic         3,400    
Tax Year 2027 [Member]              
Operating Loss Carryforwards [Line Items]              
Deferred Tax Assets, Operating Loss Carryforwards, State and Local         $ 8,400    
v3.25.2
Debt - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jun. 06, 2025
Sep. 30, 2024
Mar. 01, 2021
Mar. 01, 2019
Dec. 31, 2024
Jun. 30, 2025
Feb. 21, 2025
Feb. 20, 2025
Dec. 31, 2023
Debt Instrument [Line Items]                  
Preferred Stock, Convertible, Conversion Price           $ 16.23      
Convertible Debt, Fair Value Disclosures         $ 40,700 $ 206,100     $ 58,500
Warrant Liability         1,591 $ 0     $ 1,642
Convertible Debt [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument, Face Amount       $ 24,000 $ 24,000        
Conversion of Stock, Shares Converted   8,300,000              
Debt Instrument, Maturity Date       Mar. 01, 2026 Mar. 01, 2026        
Debt Instrument, Interest Rate, Effective Percentage       2.90% 2.90%        
Second Convertible Debt [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument, Face Amount     $ 10,000            
Debt Instrument, Annual Principal Payment     10,700            
Debt Instrument, Periodic Payment, Interest     $ 100            
Conversion of Stock, Amount Converted   $ 8,300              
Series E Preferred Stock [Member]                  
Debt Instrument [Line Items]                  
Preferred Stock, Shares Issued         37,391,000   85,000 45,000  
Convertible Warrants Issued             85,000    
Preferred Stock, Convertible, Conversion Price         $ 16.23 $ 16.23 $ 16.23    
Conversion of Stock, Shares Converted   524,000              
Series E Preferred Stock [Member] | Second Convertible Debt [Member]                  
Debt Instrument [Line Items]                  
Preferred Stock, Convertible, Conversion Price   $ 16.23              
Conversion of Stock, Shares Converted   524,009              
Common Class A [Member]                  
Debt Instrument [Line Items]                  
Preferred Stock, Convertible, Conversion Price         $ 16.23 $ 16.23      
Conversion of Stock, Shares Converted 19,600,000                
v3.25.2
Stockholders' equity - Schedule of Details of Common Shares Reserved (Detail) - shares
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Conversion of Stock [Line Items]      
Common stock issuable in connection with business combinations 2,015 548 2,036
Common stock issuable under stock award plan 37,518 42,694 35,353
Common stock available for future issuance under stock award plan 31,105 9,649 763
Total 70,638 192,653 177,390
Series A Redeemable Convertible Preferred Stock [Member]      
Conversion of Stock [Line Items]      
Convertible Preferred Stock, Shares Reserved for Future Issuance 0 33,621 33,621
Series B Redeemable Convertible Preferred Stock [Member]      
Conversion of Stock [Line Items]      
Convertible Preferred Stock, Shares Reserved for Future Issuance 0 17,586 17,586
Series C Redeemable Convertible Preferred Stock [Member]      
Conversion of Stock [Line Items]      
Convertible Preferred Stock, Shares Reserved for Future Issuance 0 18,445 18,445
Series D Redeemable Convertible Preferred Stock [Member]      
Conversion of Stock [Line Items]      
Convertible Preferred Stock, Shares Reserved for Future Issuance 0 23,203 23,203
Series E Redeemable Convertible Preferred Stock [Member]      
Conversion of Stock [Line Items]      
Convertible Preferred Stock, Shares Reserved for Future Issuance 0 37,391 36,867
Series F Redeemable Convertible Preferred Stock [Member]      
Conversion of Stock [Line Items]      
Convertible Preferred Stock, Shares Reserved for Future Issuance 0 9,516 9,516
v3.25.2
Stockholders' equity - Additional Information (Detail)
$ / shares in Units, $ in Millions
 2 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Jun. 06, 2025
$ / shares
shares
Oct. 31, 2023
$ / shares
shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Apr. 30, 2025
shares
Mar. 31, 2025
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Jul. 01, 2024
$ / shares
shares
Dec. 31, 2023
$ / shares
shares
Aug. 31, 2023
USD ($)
$ / shares
shares
Apr. 30, 2023
USD ($)
$ / shares
shares
Preferred Stock, Shares Authorized   500,000,000                    
Preferred Stock, Par or Stated Value Per Share | $ / shares   $ 0.0001                    
Number of warrants purchased           4,500,000   2,900,000     3,600,000 4,500,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares               $ 22.71     $ 25.09 $ 42.14
Warrants Not Settleable in Cash, Fair Value Disclosure | $               $ 56.1     $ 43.9 $ 80.1
Warrants Expired 3,400,000     3,400,000 3,400,000              
Warrants transaction costs | $       $ 4.6 $ 5.6              
Shares Authorized For Donation             2,682,392          
Percent Of Share Approved For Donation             1.00%          
Treasury Stock, Common [Member]                        
Stock Repurchased During Period, Shares     0.3                  
Stock Repurchased Price Per Shares | $ / shares     $ 25.09                  
Measurement Input, Price Volatility [Member]                        
Warrants and Rights Outstanding, Measurement Input               0.53     0.51 0.44
Measurement Input, Risk Free Interest Rate [Member]                        
Warrants and Rights Outstanding, Measurement Input               0.0443       0.0345
Warrants Expired               4.43     4.38 3.45
Common Class A [Member]                        
Common Stock, Shares Authorized 2,500,000,000 2,500,000,000   2,500,000,000 2,500,000,000     300,000,000 300 262,500,000    
Common Stock, Par or Stated Value Per Share | $ / shares $ 0.0001 $ 0.0001   $ 0.0001 $ 0.0001     $ 0.0001 $ 0.0001 $ 0.0001    
Conversion of Stock, Shares Converted   19,600,000                    
Common Class A [Member] | Convertible Preferred Stock [Member]                        
Conversion of Stock, Shares Converted   139,800,000                    
Common Class B [Member]                        
Common Stock, Shares Authorized 500,000,000 500,000,000   500,000,000 500,000,000     0 300      
Common Stock, Par or Stated Value Per Share | $ / shares $ 0.0001 $ 0.0001   $ 0.0001 $ 0.0001     $ 0.0001 $ 0.0001      
Common Class C [Member]                        
Common Stock, Shares Authorized 500,000,000 500,000,000   500,000,000 500,000,000     0        
Common Stock, Par or Stated Value Per Share | $ / shares $ 0.0001 $ 0.0001   $ 0.0001 $ 0.0001     $ 0.0001        
IPO [Member]                        
Preferred Stock, Shares Authorized   500,000,000                    
Preferred Stock, Par or Stated Value Per Share | $ / shares   $ 0.0001                    
IPO [Member] | Common Class A [Member]                        
Stock Issued During Period, Shares, New Issues 19,900,000       19,900,000              
Shares Issued, Price Per Share | $ / shares $ 31     $ 31 $ 31              
Common Stock, Shares Authorized   2,500,000,000                    
Common Stock, Par or Stated Value Per Share | $ / shares   $ 0.0001                    
IPO [Member] | Common Class A [Member] | Convertible Preferred Stock [Member]                        
Conversion of Stock, Shares Converted   139,800,000                    
IPO [Member] | Common Class B [Member]                        
Common Stock, Shares Authorized   500,000,000                    
Common Stock, Par or Stated Value Per Share | $ / shares   $ 0.0001                    
IPO [Member] | Common Class C [Member]                        
Common Stock, Shares Authorized   500,000,000                    
Common Stock, Par or Stated Value Per Share | $ / shares   $ 0.0001                    
v3.25.2
Redeemable convertible preferred stock -Schedule of company's preferred stock (Detail) - $ / shares
 12 Months Ended
Dec. 31, 2024
Jun. 30, 2025
Feb. 21, 2025
Feb. 20, 2025
Class of Stock [Line Items]        
Conversion price   $ 16.23    
Series A [Member]        
Class of Stock [Line Items]        
Issue Date Aug. 22, 2013      
Issue price $ 0.27      
Conversion price 0.27      
Liquidation preference $ 0.27      
Shares issued 33,621,000      
Series B [Member]        
Class of Stock [Line Items]        
Issue Date Feb. 26, 2014      
Issue price $ 0.97      
Conversion price 0.97      
Liquidation preference $ 0.97      
Shares issued 17,586,000      
Series C [Member]        
Class of Stock [Line Items]        
Issue Date Apr. 10, 2015      
Issue price $ 2.17      
Conversion price 2.17      
Liquidation preference $ 2.17      
Shares issued 18,445,000      
Series D [Member]        
Class of Stock [Line Items]        
Issue Date May 17, 2016      
Issue price $ 2.76      
Conversion price 2.76      
Liquidation preference $ 2.76      
Shares issued 23,203,000      
Series E [Member]        
Class of Stock [Line Items]        
Issue price $ 16.23      
Conversion price 16.23 $ 16.23 $ 16.23  
Liquidation preference $ 16.23      
Shares issued 37,391,000   85,000 45,000
Series F [Member]        
Class of Stock [Line Items]        
Issue Date May 09, 2022      
Issue price $ 42.14      
Conversion price 42.14      
Liquidation preference $ 42.14      
Shares issued 9,516,000      
v3.25.2
Redeemable convertible preferred stock - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Sep. 30, 2024
May 31, 2022
Mar. 31, 2022
Oct. 31, 2019
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Jun. 30, 2025
Jun. 06, 2025
Dec. 31, 2023
Class of Stock [Line Items]                              
Preferred Stock, Liquidation Preference, Value                         $ 1,100,000    
Preferred Stock, Par or Stated Value Per Share                           $ 0.0001  
Preferred Stock, Convertible, Conversion Price                         $ 16.23    
Preferred Stock Convertible Minimum Conversion Price           $ 32.64                  
Proceeds From Stock Conversion           $ 150,000                  
Payments of Stock Issuance Costs         $ 268 3,870                  
Redeemable Convertible Preferred Stock [Member]                              
Class of Stock [Line Items]                              
Preferred Stock, Liquidation Preference, Value           $ 1,100,000             $ 0    
Preferred Stock, Shares Issued           139,800,000             0    
Preferred Stock, Par or Stated Value Per Share           $ 0.0001             $ 0.0001    
Series A Redeemable Convertible Preferred Stock [Member]                              
Class of Stock [Line Items]                              
Preferred Stock, Liquidation Preference, Value           $ 9,078                 $ 9,078
Preferred Stock, Shares Issued           33,621,000           33,600,000 33,621,000    
Preferred Stock, Par or Stated Value Per Share           $ 0.0001           $ 0.0001     $ 0.0001
Preferred Stock, Convertible, Conversion Price                       $ 0.27      
Proceeds from Issuance of Redeemable Preferred Stock                       $ 9,000      
Debt Instrument, Convertible, Liquidation Preference, Per Share           $ 0.27                  
Series B Redeemable Convertible Preferred Stock [Member]                              
Class of Stock [Line Items]                              
Preferred Stock, Liquidation Preference, Value           $ 17,059                 $ 17,059
Preferred Stock, Shares Issued           17,586,000         17,600,000   17,586,000    
Preferred Stock, Par or Stated Value Per Share           $ 0.0001         $ 0.0001       $ 0.0001
Preferred Stock, Convertible, Conversion Price                     $ 0.97        
Proceeds from Issuance of Redeemable Preferred Stock                     $ 17,000        
Debt Instrument, Convertible, Liquidation Preference, Per Share           $ 0.97                  
Series C Redeemable Convertible Preferred Stock [Member]                              
Class of Stock [Line Items]                              
Preferred Stock, Liquidation Preference, Value           $ 40,027                 $ 40,027
Preferred Stock, Shares Issued           18,445,000       23,100,000     18,445,000    
Preferred Stock, Par or Stated Value Per Share           $ 0.0001       $ 0.0001         $ 0.0001
Preferred Stock, Convertible, Conversion Price                   $ 2.17          
Proceeds from Issuance of Redeemable Preferred Stock                   $ 50,100          
Preferred Stock Shares Forfeited       4,600,000                      
Debt Instrument, Convertible, Liquidation Preference, Per Share           $ 2.17                  
Series D Redeemable Convertible Preferred Stock [Member]                              
Class of Stock [Line Items]                              
Preferred Stock, Liquidation Preference, Value           $ 64,039                 $ 64,039
Preferred Stock, Shares Issued           23,203,000   23,200,000 23,200,000       23,203,000    
Preferred Stock, Par or Stated Value Per Share           $ 0.0001   $ 0.0001 $ 0.0001           $ 0.0001
Preferred Stock, Convertible, Conversion Price               $ 2.76 $ 2.76            
Proceeds from Issuance of Redeemable Preferred Stock               $ 64,100 $ 64,100            
Payments of Stock Issuance Costs               $ 100 $ 100            
Debt Instrument, Convertible, Liquidation Preference, Per Share           $ 2.76                  
Series E Redeemable Convertible Preferred Stock [Member]                              
Class of Stock [Line Items]                              
Preferred Stock, Liquidation Preference, Value           $ 606,850                 $ 598,345
Preferred Stock, Shares Issued           37,391,000 9,100,000               36,867,000
Preferred Stock, Par or Stated Value Per Share           $ 0.0001 $ 0.0001               $ 0.0001
Preferred Stock, Convertible, Conversion Price $ 16.23   $ 16.23     $ 6,500,000 $ 16.23                
Proceeds from Issuance of Redeemable Preferred Stock             $ 148,900                
Conversion of Stock, Amount Converted $ 8,300   $ 451,000     $ 8,500                  
Conversion of Stock, Shares Converted 524,009   27,790                        
Equity, Fair Value Disclosure     $ 1,525,000     $ 15,000                  
Debt Instrument, Convertible, Liquidation Preference, Per Share           $ 16.23                  
Series F Redeemable Convertible Preferred Stock [Member]                              
Class of Stock [Line Items]                              
Preferred Stock, Liquidation Preference, Value           $ 400,999                 $ 400,999
Preferred Stock, Shares Issued   9,500,000       9,516,000             9,516,000    
Preferred Stock, Par or Stated Value Per Share   $ 0.0001       $ 0.0001                 $ 0.0001
Preferred Stock, Convertible, Conversion Price   $ 42.14                          
Proceeds from Issuance of Redeemable Preferred Stock   $ 401,000                          
Debt Instrument, Convertible, Liquidation Preference, Per Share           42.14                  
Series E Convertible Preferred Stock [Member]                              
Class of Stock [Line Items]                              
Preferred Stock, Convertible, Conversion Price           $ 1,074,000,000                  
v3.25.2
Stock-based compensation - Additional Information (Detail) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Stock Based Compensation [Line Items]                
Stock-based compensation   $ 435,000,000 $ 16,700,000 $ 447,682,000 $ 26,229,000 $ 50,134,000 $ 107,999,000 $ 69,266,000
Capitalized stock-based compensation expense related to internally developed software   65,600,000 3,500,000 68,348,000 6,944,000 13,646,000 13,118,000 $ 6,262,000
Unrecognized stock-based compensation cost $ 13,900,000 13,900,000   13,900,000   $ 23,700,000    
Weighted average period 1 year 6 months         1 year 4 months 24 days    
Share based transaction modification of terms incremental compensation cost             31,600  
Share-based compensation arrangement by share-based payment award, options, vested and expected to vest, exercisable, aggregate intrinsic value           $ 29,100,000 $ 24,800,000  
Share-based compensation arrangement by share-based payment award, options, grants in period, grant date intrinsic value             $ 14.19  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross           0 1,730,000  
Restricted Stock Units (RSUs) [Member]                
Stock Based Compensation [Line Items]                
Unrecognized stock-based compensation cost $ 309,900,000 309,900,000   309,900,000   $ 528,000,000    
Weighted average period 3 years 2 months 12 days         10 months 24 days    
Business Combination Shares [Member]                
Stock Based Compensation [Line Items]                
Stock-based compensation   8,200,000 $ 9,800,000 15,300,000 $ 20,200,000 $ 31,000,000    
Unrecognized stock-based compensation cost $ 48,100,000 $ 48,100,000   $ 48,100,000   $ 17,800,000    
Weighted average period 2 years 3 months 18 days         1 year 7 months 6 days    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross       1,473,000        
Common Class A [Member]                
Stock Based Compensation [Line Items]                
Stock based compensation expense       $ 423,800,000        
Capitalized costs related to internally developed software       $ 62,700,000        
v3.25.2
Stock-based compensation - Summary of stock options valuation assumptions (Detail)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Risk-free interest rate, minimum 3.50% 1.80%
Risk-free interest rate, maximum 4.30% 2.90%
Expected volatility, minimum 46.00% 50.00%
Expected volatility, maximum 47.00% 55.00%
Expected annual dividend 0.00% 0.00%
Minimum [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected term (years) 6 years 1 month 6 days 5 years 9 months 18 days
Maximum [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected term (years) 6 years 3 months 18 days 6 years 9 months 18 days
v3.25.2
Stock-based compensation - Summary of Outstanding Stock Options Activities (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]            
Number of Stock Options - Beginning balance       22,751,000 24,453,000 25,211,000
Number of Stock Options - Options granted         0 1,730,000
Number of Stock Options - Options exercised       (1,955,000) (1,221,000) (990,000)
Number of Stock Options - Options forfeited       (93,000) (481,000) (1,498,000)
Number of Stock Options - Ending balance 22,751,000 24,453,000 25,211,000 20,703,000 22,751,000 24,453,000
Number of Stock Options - Exercisable 20,636,000 18,331,000   19,630,000 20,636,000 18,331,000
Weighted Average Exercise Price - Beginning balance       $ 8.48 $ 8.26 $ 6.69
Weighted Average Exercise Price - Options granted           28.68
Weighted Average Exercise Price - Options exercised       3.48 1.32 1.05
Weighted Average Exercise Price - Options forfeited       20.62 15.34 10.19
Weighted Average Exercise Price - Ending balance $ 8.48 $ 8.26 $ 6.69 8.9 8.48 8.26
Weighted Average Exercise Price - Exercisable $ 6.91 $ 5.02   $ 7.84 $ 6.91 $ 5.02
Weighted Average Remaining Contractual Term - Balance in years 5 years 6 months 6 years 6 months 7 years 21 days 4 years 7 months 6 days 5 years 6 months 10 days 6 years 6 months
Weighted Average Remaining Contractual Term - Exercisable in years       4 years 6 months 5 years 3 months 25 days 6 years 10 days
Aggregate Intrinsic Value - Beginning balance       $ 522,900 $ 488,807 $ 821,385
Aggregate Intrinsic Value - Ending balance $ 522,900 $ 488,807 $ 821,385 3,568,967 522,900 488,807
Aggregate Intrinsic Value - Exercisable $ 505,237 $ 421,091   $ 3,404,931 $ 505,237 $ 421,091
v3.25.2
Stock-based compensation - Summary of Outstanding Unvested Stock Options Activities (Detail) - $ / shares
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Number of Shares - Beginning balance 2,115,000 6,122,000 10,765,000
Number of Shares - Options granted   0 1,730,000
Number of Shares - Options vested (1,035,000) (3,720,000) (5,580,000)
Number of Shares - Options forfeited (8,000) (287,000) (793,000)
Number of Shares - Ending balance 1,072,000 2,115,000 6,122,000
Weighted Average Exercise Price - Beginning balance $ 23.81 $ 17.94 $ 11.23
Weighted Average Exercise Price - Options granted     28.68
Weighted Average Exercise Price - Options vested 19.2 14.87 8.99
Weighted Average Exercise Price - Options forfeited 17.06 14.51 13.21
Weighted Average Exercise Price - Ending balance $ 28.3 $ 23.81 $ 17.94
v3.25.2
Stock-based compensation - Summary of Restricted Stock Units Activities (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares
shares in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock Units Activities [Line Items]      
Number of Shares - Beginning balance 19,943 10,900 7,183
Number of Shares - RSUs granted 7,129 10,927 4,992
Number of Shares - RSUs vested (9,543) (3) (61)
Number of Shares - RSUs forfeited (714) (1,881) (1,214)
Number of Shares - Ending balance 16,815 19,943 10,900
Weighted- Average Grant Date Fair Value - Beginning balance $ 30.85 $ 34.96 $ 38.78
Weighted- Average Grant Date Fair Value - RSUs granted 31.13 27.08 30.42
Weighted- Average Grant Date Fair Value - RSUs vested 33.37 27.81 33.17
Weighted- Average Grant Date Fair Value - RSUs forfeited 29.67 32.77 38.98
Weighted- Average Grant Date Fair Value - Ending balance $ 29.58 $ 30.85 $ 34.96
v3.25.2
Stock-based compensation - Summary of Shares Issued for Business Combinations Activities (Detail) - $ / shares
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Shares Issued for Business Combinations Activities [Line Items]      
Number of Stock Options - Beginning balance 22,751,000 24,453,000 25,211,000
Number of Shares - Shares vested (1,035,000) (3,720,000) (5,580,000)
Number of Shares - Shares issued   0 1,730,000
Number of Shares - Shares forfeited (93,000) (481,000) (1,498,000)
Number of Stock Options - Ending balance 20,703,000 22,751,000 24,453,000
Weighted Average Exercise Price - Beginning balance $ 8.48 $ 8.26 $ 6.69
Weighted- Average Grant Date Fair Value - Shares vested 19.2 14.87 8.99
Weighted- Average Grant Date Fair Value - Shares issued     28.68
Weighted- Average Grant Date Fair Value - Shares forfeited 20.62 15.34 10.19
Weighted Average Exercise Price - Ending balance $ 8.9 $ 8.48 $ 8.26
Business Combination Shares [Member]      
Shares Issued for Business Combinations Activities [Line Items]      
Number of Stock Options - Beginning balance 548,000 2,036,000 2,952,000
Number of Shares - Shares vested   (1,445,000) (874,000)
Number of Shares - Shares issued 1,473,000    
Number of Shares - Shares forfeited (6,000) (43,000) (42,000)
Number of Stock Options - Ending balance 2,015,000 548,000 2,036,000
Weighted Average Exercise Price - Beginning balance $ 47.82 $ 47.82 $ 47.82
Weighted- Average Grant Date Fair Value - Shares vested   47.82 47.82
Weighted- Average Grant Date Fair Value - Shares issued 31.16    
Weighted- Average Grant Date Fair Value - Shares forfeited 47.82 47.82 47.82
Weighted Average Exercise Price - Ending balance $ 35.64 $ 47.82 $ 47.82
v3.25.2
Earnings (loss) per share - Schedule of computation of net income per share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]                  
Net income (loss) from continuing operations $ (482,100)   $ 32,923   $ (417,309) $ 81,562 $ 156,991 $ 271,549 $ (761,772)
Net loss from discontinued operations             (1,324) (3,987) (7,075)
Net income (loss) (482,100) $ 64,791 32,923 $ 48,639 (417,309) 81,562 155,667 267,562 (768,847)
Dividend preference on preferred shares 0   (32,923)   0 (81,562) (91,044) (90,363) 0
Undistributed earnings allocated to preferred shares             (46,514) (132,291) 0
Net income (loss) available to common stockholders – basic (482,100)   0   (417,309)   18,109 44,908 (768,847)
Changes in fair value of convertible debt and warrant liability 0   0   0 (1,053) (1,036) (15,264) 0
Dividend preference on preferred shares 0   (32,923)   0 (80,509) (90,363) (90,363) 0
Undistributed earnings allocated to preferred shares             (42,154) (109,037) 0
Net income (loss) available to common stockholders – diluted $ (482,100)   $ 0   $ (417,309) $ 0 $ 22,114 $ 52,898 $ (768,847)
Weighted-average common shares – basic 107,514   54,396   82,877 54,186 54,413 47,265 46,663
Weighted-average effect of dilutive securities 0   16,020   0 18,790 18,629 20,284 0
Weighted-average common shares – diluted 107,514   70,416   82,877 72,976 73,042 67,549 46,663
Continuing operations, Basic             $ 0.33 $ 0.95 $ (16.33)
Discontinued operations             0 0 (0.15)
Basic earnings (loss) per common share $ (4.48)   $ 0   $ (5.04) $ 0 0.33 0.95 (16.48)
Continuing operations, Diluted             0.3 0.78 (16.33)
Discontinued operations             0 0 (0.15)
Diluted earnings (loss) per common share $ (4.48)   $ 0   $ (5.04) $ 0 $ 0.3 $ 0.78 $ (16.48)
v3.25.2
Earnings (loss) per share - Schedule of computation of diluted earnings (loss) per share (Detail) - shares
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]              
Redeemable convertible preferred stock 0 139,237 0 139,237 139,762,000 139,237,000 139,237,000
Stock options and RSUs 37,518 0 37,518 0 0 0 32,394,000
Common stock in connection with business combinations 2,103 332 2,103 332 211,000 1,027,000 3,262,000
Convertible debt 1,125 1,617 1,125 0 0 0 1,479,000
Warrants 0 1,535 0 0 0 0 1,535,000
Total 40,746 142,721 40,746 139,569 139,973,000 140,264,000 177,907,000
v3.25.2
Accumulated other comprehensive income - Summary of changes in each component of accumulated other comprehensive income (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Comprehensive Income Note [Abstract]              
Beginning balance $ 5,369 $ 4,885 $ 3,644 $ 4,929 $ 4,929 $ 3,356 $ 4,711
Pre-tax change – Foreign currency translation adjustment 9,984 (378) 11,793 (608) (1,899) 1,460 625
Pre-tax change – Unrealized (loss) gain on convertible notes – credit risk adjustment 13 (273) (78) 91 1,095 1,182 (3,155)
Amount reclassified from accumulated other comprehensive income (loss) related to available-for-sale debt securities 0 (55) 0 (233) (226) (1,069) 1,175
Pre-tax change – Unrealized gain (loss) on available-for-sale securities 0 (55) 0 (233)      
Tax effect     7 0 (255) 0 0
Total other comprehensive income (loss), net of tax $ 15,366 $ 4,179 $ 15,366 $ 4,179 $ 3,644 $ 4,929 $ 3,356
v3.25.2
Prepaid expenses and other current assets - Schedule of Prepaid Expenses And Other Current Assets (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]      
Reserve income receivable $ 187,897 $ 138,889 $ 101,190
Prepaid expenses 19,027 15,602 14,394
Deferred offering costs 0 4,235 782
Digital financial assets 532 14,328 0
Income tax receivable 1,567 8,507 25,647
Other 7,581 5,967 4,632
Total prepaid expenses and other current assets $ 216,604 $ 187,528 $ 146,645
v3.25.2
Accounts payable and accrued expenses - Schedule of Accounts Payable And Accrued Expenses (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts Payable and Accrued Liabilities [Line Items]      
Accrued distribution costs $ 107,925 $ 83,318 $ 57,278
Stablecoin redemptions in transit 194,026 118,074 10,700
Accrued expenses 66,827 70,314 50,015
Income taxes payable 3,850 678 27,162
Accounts payable 28,522 5,505  
Accrued interest   514 740
Other payables 10,410 9,118 6,691
Total accounts payable and accrued expenses $ 411,560 287,007 $ 152,586
Previously Reported [Member]      
Accounts Payable and Accrued Liabilities [Line Items]      
Other payables   $ 14,109  
v3.25.2
Commitments and contingencies - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Litigation settlement, fee expense $ 7.6
v3.25.2
Circle Reserve Fund - Summary of Financial Information of the Circle Reserve Fund (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2025
Schedule of Equity Method Investments [Line Items]      
Total assets $ 45,834,409 $ 25,996,583 $ 64,153,508
Total liabilities 44,124,115 24,525,852 $ 61,782,677
Circle Reserve Fund [Member]      
Schedule of Equity Method Investments [Line Items]      
Total assets 30,567,886 [1] 23,595,866 [2]  
Total liabilities 129,015 [1] 107,939 [2]  
Total investment income 1,460,787 [1] 1,173,135 [2]  
Net increase in net assets resulting from operations $ 1,437,053 [1] $ 1,151,901 [2]  
[1] Summarized financial information is as of October 31, 2024 and for the fiscal year then ended.
[2] 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.
v3.25.2
Subsequent events - Additional Information (Detail) - USD ($)
shares in Millions, $ in Millions
Jan. 31, 2025
Jan. 01, 2025
Jul. 04, 2025
Hashnote Holdings LLC [Member]      
Subsequent Event [Line Items]      
Business acquisition, percentage of voting interests acquired   100.00%  
Business combination, consideration transferred   $ 100.1  
Payments to acquire businesses, gross   $ 10.2  
Subsequent Event [Member]      
Subsequent Event [Line Items]      
Percentage Of Additional Depreciation On Domestic Research And Development Cost     100.00%
Subsequent Event [Member] | Hashnote Holdings LLC [Member]      
Subsequent Event [Line Items]      
Business acquisition, percentage of voting interests acquired 100.00%    
Business combination, consideration transferred $ 99.8    
Payments to acquire businesses, gross $ 9.9    
Business acquisition, name of acquired entity Hashnote Holdings LLC    
Subsequent Event [Member] | Common Stock [Member] | Hashnote Holdings LLC [Member]      
Subsequent Event [Line Items]      
Business acquisition, equity interest issued or issuable, number of shares 2.9    
Subsequent Event [Member] | Hashnote Employees [Member] | Common Stock [Member] | Hashnote Holdings LLC [Member]      
Subsequent Event [Line Items]      
Business acquisition, equity interest issued or issuable, number of shares 1.8    
v3.25.2
Submission
Aug. 11, 2025
Submission [Line Items]  
Central Index Key 0001876042
Registrant Name Circle Internet Group, Inc.
Form Type S-1
Submission Type S-1
Fee Exhibit Type EX-FILING FEES
Offering Table N/A
Offset Table N/A N/A
Combined Prospectus Table N/A N/A
v3.25.2
Offerings - Offering: 1
Aug. 11, 2025
USD ($)
shares
Offering:  
Fee Previously Paid false
Other Rule true
Security Type Equity
Security Class Title Class A Common Stock, par value $0.0001 per share
Amount Registered | shares 11,500,000
Maximum Aggregate Offering Price $ 1,824,590,000.00
Fee Rate 0.01531%
Amount of Registration Fee $ 279,344.73
Offering Note (1) Includes 1,500,000 shares that the underwriters have the option to purchase. (2) Estimated solely for the purpose of calculating the registration fee, based on the average of the high and low prices of the Class A Common Stock on the New York Stock Exchange on August 8, 2025, in accordance with Rule 457(c) of the Securities Act of 1933, as amended.
v3.25.2
Fees Summary
Aug. 11, 2025
USD ($)
Fees Summary [Line Items]  
Total Offering $ 1,824,590,000.00
Previously Paid Amount 0.00
Total Fee Amount 279,344.73
Total Offset Amount 0.00
Net Fee $ 279,344.73