CIRCLE INTERNET GROUP, INC., 10-Q filed on 8/12/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Aug. 08, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 333-258582  
Registrant Name CIRCLE INTERNET GROUP, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 99-2840247  
Entity Address, Address Line One One World Trade Center  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10007  
City Area Code 332  
Local Phone Number 334-0660  
Title of 12(b) Security Class A common stock, par value $0.0001 per share  
Trading Symbol CRCL  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Central Index Key 0001876042  
Current Fiscal Year End Date --12-31  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   209,836,558
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   19,591,373
Common Class C    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   0
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,118,119 $ 750,981
Cash and cash equivalents segregated for corporate-held stablecoins 588,271 294,493
Cash and cash equivalents segregated for the benefit of stablecoin holders 61,365,920 43,918,572
Accounts receivable, net 13,215 6,418
Stablecoins receivable, net 0 6,957
Prepaid expenses and other current assets 216,604 187,528
Total current assets 63,302,129 45,164,949
Non-current assets:    
Restricted cash 3,210 3,558
Investments 83,794 84,114
Fixed assets, net 23,804 18,682
Digital assets 35,113 31,330
Goodwill 266,384 169,544
Intangible assets, net 396,969 331,394
Deferred tax assets, net 17,472 10,223
Other non-current assets 24,633 20,615
Total assets 64,153,508 45,834,409
Current liabilities:    
Accounts payable and accrued expenses 411,560 287,007
Deposits from stablecoin holders 61,101,523 43,727,363
Convertible debt, net of debt discount 206,140 0
Other current liabilities 11,211 16,597
Total current liabilities 61,730,434 44,030,967
Non-current liabilities:    
Convertible debt, net of debt discount 0 40,717
Deferred tax liabilities, net 31,812 29,559
Warrant liability 0 1,591
Other non-current liabilities 20,431 21,281
Total non-current liabilities 52,243 93,148
Total liabilities 61,782,677 44,124,115
Commitments and contingencies (see Note 22)
Redeemable convertible preferred stock ($0.0001 par value, nil and 139.8 million shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; aggregate liquidation preference of nil and $1.1 billion as of June 30, 2025 and December 31, 2024, respectively) 0 1,139,765
Stockholders’ equity    
Treasury stock at cost (5.0 million shares held as of June 30, 2025 and December 31, 2024) (2,877) (2,877)
Additional paid-in capital 3,998,827 1,792,969
Accumulated deficit (1,640,510) (1,223,213)
Accumulated other comprehensive income 15,366 3,644
Total stockholders’ equity 2,370,831 570,529
Total liabilities, redeemable convertible preferred stock and stockholders’ equity 64,153,508 45,834,409
Common Class A    
Stockholders’ equity    
Common stock, value, issued 23 6
Total stockholders’ equity  
Common Class B    
Stockholders’ equity    
Common stock, value, issued 2 0
Common Class C    
Stockholders’ equity    
Common stock, value, issued $ 0 $ 0
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Convertible preferred stock par value (in dollars per share)   $ 0.0001
Convertible preferred stock, shares issued (in shares)   139,800,000
Convertible preferred sock, shares outstanding (in shares) 0 139,762,000
Convertible preferred stock, liquidation preference   $ 1,100,000,000
Treasury stock, common, shares (in shares) 5,000,000.0 5,000,000.0
Common Class A    
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 2,500,000,000 300,000,000.0
Common stock, shares, issued (in shares) 209,000,000.0 56,400,000
Common stock, shares, outstanding (in shares) 209,000,000.0 56,400,000
Common Class B    
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 500,000,000.0 0
Common stock, shares, issued (in shares) 19,600,000 0
Common stock, shares, outstanding (in shares) 19,600,000 0
Common Class C    
Common stock, shares authorized (in shares) 500,000,000.0 0
Common stock, shares, issued (in shares) 0 0
Common stock, shares, outstanding (in shares) 0 0
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue and reserve income        
Reserve income $ 634,274 $ 423,263 $ 1,192,185 $ 782,902
Other revenue 23,804 6,767 44,466 12,222
Total revenue and reserve income 658,078 430,030 1,236,651 795,124
Distribution, transaction and other costs        
Distribution and transaction costs 406,472 246,901 753,784 449,643
Other costs 470 1,476 805 5,471
Total distribution, transaction and other costs 406,942 248,377 754,589 455,114
Operating expenses        
Compensation expenses 503,392 67,604 579,012 128,753
General and administrative expenses 43,140 35,729 73,824 66,246
Depreciation and amortization expenses 14,209 12,632 28,089 24,225
IT infrastructure costs 8,760 6,875 16,432 13,209
Marketing expenses 7,910 5,638 11,770 6,456
Digital assets (gains) losses (693) 2,929 5,577 (1,444)
Total operating expenses 576,718 131,407 714,704 237,445
Operating income (loss) from continuing operations (325,582) 50,246 (232,642) 102,565
Other (expense) income, net (160,421) 1,921 (163,524) 22,478
Net income (loss) from continuing operations before income taxes (486,003) 52,167 (396,166) 125,043
Income tax (benefit) expense (3,903) 19,244 21,143 43,481
Net income (loss) from continuing operations $ (482,100) $ 32,923 $ (417,309) $ 81,562
Earnings (loss) per share:        
Earnings (loss) per common share, basic (in dollars per share) $ (4.48) $ 0.00 $ (5.04) $ 0.00
Earnings (loss) per common share, diluted (in dollars per share) $ (4.48) $ 0.00 $ (5.04) $ 0.00
Weighted-average shares used in computing earnings (loss) per share attributable to common stockholders, basic (in shares) 107,514 54,396 82,877 54,186
Weighted-average shares used in computing earnings (loss) per share attributable to common stockholders, diluted (in shares) 107,514 70,416 82,877 72,976
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (482,100) $ 32,923 $ (417,309) $ 81,562
Other comprehensive income (loss):        
Foreign currency translation adjustment, net of tax 9,984 (378) 11,793 (608)
Unrealized gain (loss) on available-for-sale debt securities, net of tax 0 (55) 0 (233)
Unrealized gain (loss) on convertible notes – credit risk, net of tax 13 (273) (71) 91
Total other comprehensive income (loss), net of tax 9,997 (706) 11,722 (750)
Comprehensive income (loss) $ (472,103) $ 32,217 $ (405,587) $ 80,812
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (unaudited) - USD ($)
$ in Thousands
Total
IPO
Cumulative Effect, Period of Adoption, Adjustment
Treasury Stock
Additional paid-in capital
Additional paid-in capital
IPO
Accumulated deficit
Accumulated deficit
Cumulative Effect, Period of Adoption, Adjustment
Accumulated other comprehensive income (loss)
Common Class A
Common Class A
Common Stock
Common Class A
Common Stock
IPO
Common Class B
Common Class B
Common Stock
Common Class B
Common Stock
IPO
Temporary equity, beginning balance (in shares) at Dec. 31, 2023 139,238,000                            
Temporary equity, beginning balance at Dec. 31, 2023 $ 1,131,260                            
Temporary equity, ending balance (in shares) at Mar. 31, 2024 139,238,000                            
Temporary equity, ending balance at Mar. 31, 2024 $ 1,131,260                            
Common stock, beginning balance (in shares) at Dec. 31, 2023                     58,645,000        
Beginning balance at Dec. 31, 2023 339,471   $ 6,934 $ (2,877) $ 1,723,020   $ (1,385,607) $ 6,934 $ 4,929   $ 6        
Treasury stock, beginning balance (in shares) at Dec. 31, 2023       4,960,000                      
Permanent Equity                              
Issuance of common stock upon exercise of stock options (in shares)                     463,000        
Issuance of common stock upon exercise of stock options 355       355                    
Issuance of common stock in connection with business combination (in shares)                     1,444,000        
Stock-based compensation 12,808       12,808                    
Other comprehensive income (loss), net of tax (44)               (44)            
Net income (loss) 48,639           48,639                
Common stock, ending balance (in shares) at Mar. 31, 2024                     60,552,000     0  
Ending balance at Mar. 31, 2024 $ 408,163     $ (2,877) 1,736,183   (1,330,034)   4,885   $ 6        
Treasury stock, ending balance (in shares) at Mar. 31, 2024       4,960,000                      
Temporary equity, beginning balance (in shares) at Dec. 31, 2023 139,238,000                            
Temporary equity, beginning balance at Dec. 31, 2023 $ 1,131,260                            
Temporary equity, ending balance (in shares) at Jun. 30, 2024 139,238,000                            
Temporary equity, ending balance at Jun. 30, 2024 $ 1,131,260                            
Common stock, beginning balance (in shares) at Dec. 31, 2023                     58,645,000        
Beginning balance at Dec. 31, 2023 339,471   $ 6,934 $ (2,877) 1,723,020   (1,385,607) $ 6,934 4,929   $ 6        
Treasury stock, beginning balance (in shares) at Dec. 31, 2023       4,960,000                      
Permanent Equity                              
Other comprehensive income (loss), net of tax (750)                            
Net income (loss) 81,562                            
Common stock, ending balance (in shares) at Jun. 30, 2024                     60,811,000     0  
Ending balance at Jun. 30, 2024 $ 460,859     $ (2,877) 1,756,662   (1,297,111)   4,179   $ 6        
Treasury stock, ending balance (in shares) at Jun. 30, 2024       4,960,000                      
Temporary equity, beginning balance (in shares) at Mar. 31, 2024 139,238,000                            
Temporary equity, beginning balance at Mar. 31, 2024 $ 1,131,260                            
Temporary equity, ending balance (in shares) at Jun. 30, 2024 139,238,000                            
Temporary equity, ending balance at Jun. 30, 2024 $ 1,131,260                            
Common stock, beginning balance (in shares) at Mar. 31, 2024                     60,552,000     0  
Beginning balance at Mar. 31, 2024 408,163     $ (2,877) 1,736,183   (1,330,034)   4,885   $ 6        
Treasury stock, beginning balance (in shares) at Mar. 31, 2024       4,960,000                      
Permanent Equity                              
Stock-based compensation 20,206       20,206                    
Issuance of common stock (in shares)                     259,000        
Issuance of common stock 273       273                    
Other comprehensive income (loss), net of tax (706)               (706)            
Net income (loss) 32,923           32,923                
Common stock, ending balance (in shares) at Jun. 30, 2024                     60,811,000     0  
Ending balance at Jun. 30, 2024 $ 460,859     $ (2,877) 1,756,662   (1,297,111)   4,179   $ 6        
Treasury stock, ending balance (in shares) at Jun. 30, 2024       4,960,000                      
Temporary equity, beginning balance (in shares) at Dec. 31, 2024 139,762,000                            
Temporary equity, beginning balance at Dec. 31, 2024 $ 1,139,765                            
Temporary Equity                              
Issuance of common stock and preferred stock upon exercise of warrants (in shares) 45,000                            
Issuance of common stock and preferred stock upon exercise of warrants $ 737                            
Temporary equity, ending balance (in shares) at Mar. 31, 2025 139,807,000                            
Temporary equity, ending balance at Mar. 31, 2025 $ 1,140,502                            
Common stock, beginning balance (in shares) at Dec. 31, 2024                   56,400,000 61,313,000   0 0  
Beginning balance at Dec. 31, 2024 $ 570,529     $ (2,877) 1,792,969   (1,223,213)   3,644   $ 6     $ 0  
Treasury stock, beginning balance (in shares) at Dec. 31, 2024 5,000,000.0     4,960,000                      
Permanent Equity                              
Issuance of common stock upon exercise of stock options (in shares)                     1,009,000        
Issuance of common stock upon exercise of stock options $ 642       642                    
Issuance of common stock and preferred stock upon exercise of warrants (in shares)                     1,130,000        
Issuance of common stock and preferred stock upon exercise of warrants 854       854                    
Issuance of common stock in connection with business combination (in shares)                     3,857,000        
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 (in shares)                     1,000        
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                
Common stock, ending balance (in shares) at Mar. 31, 2025                     67,310,000     0  
Ending balance at Mar. 31, 2025 $ 744,976     $ (2,877) 1,900,888   (1,158,410)   5,369 $ 6     $ 0  
Treasury stock, ending balance (in shares) at Mar. 31, 2025       4,960,000                      
Temporary equity, beginning balance (in shares) at Dec. 31, 2024 139,762,000                            
Temporary equity, beginning balance at Dec. 31, 2024 $ 1,139,765                            
Temporary equity, ending balance (in shares) at Jun. 30, 2025 0                            
Temporary equity, ending balance at Jun. 30, 2025 $ 0                            
Common stock, beginning balance (in shares) at Dec. 31, 2024                   56,400,000 61,313,000   0 0  
Beginning balance at Dec. 31, 2024 $ 570,529     $ (2,877) 1,792,969   (1,223,213)   3,644   $ 6     $ 0  
Treasury stock, beginning balance (in shares) at Dec. 31, 2024 5,000,000.0     4,960,000                      
Permanent Equity                              
Issuance of common stock upon exercise of stock options (in shares) 1,955,000                            
Other comprehensive income (loss), net of tax $ 11,722                            
Net income (loss) (417,309)                            
Common stock, ending balance (in shares) at Jun. 30, 2025                   209,000,000.0 213,914,000   19,600,000 19,580,000  
Ending balance at Jun. 30, 2025 $ 2,370,831     $ (2,877) 3,998,827   (1,640,510)   15,366 $ 23     $ 2  
Treasury stock, ending balance (in shares) at Jun. 30, 2025 5,000,000.0     4,960,000                      
Temporary equity, beginning balance (in shares) at Mar. 31, 2025 139,807,000                            
Temporary equity, beginning balance at Mar. 31, 2025 $ 1,140,502                            
Temporary Equity                              
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares) (139,807,000)                            
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering $ (1,140,502)                            
Temporary equity, ending balance (in shares) at Jun. 30, 2025 0                            
Temporary equity, ending balance at Jun. 30, 2025 $ 0                            
Common stock, beginning balance (in shares) at Mar. 31, 2025                     67,310,000     0  
Beginning balance at Mar. 31, 2025 744,976     $ (2,877) 1,900,888   (1,158,410)   5,369 $ 6     $ 0  
Treasury stock, beginning balance (in shares) at Mar. 31, 2025       4,960,000                      
Permanent Equity                              
Issuance of common stock upon exercise of stock options (in shares)                     946,000        
Issuance of common stock upon exercise of stock options 6,157       6,157                    
Warrants in common stock 4,501       4,501                    
Vesting of restricted stock units and common stock in connection with business combinations (in shares)                     13,000        
Stock-based compensation 14,474       14,474                    
Issuance of common stock (in shares)                       19,900,000      
Issuance of common stock   $ 570,129       $ 570,127           $ 2      
Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)                     5,518,000        
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 (in shares)                     139,807,000        
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering 1,140,502       1,140,488           $ 14        
Conversion of Class A common stock to Class B common stock in connection with initial public offering (in shares)                       19,580,000     19,580,000
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering                       $ 2     $ 2
Other comprehensive income (loss), net of tax 9,997               9,997            
Net income (loss) (482,100)           (482,100)                
Other 4       1           $ 3        
Common stock, ending balance (in shares) at Jun. 30, 2025                   209,000,000.0 213,914,000   19,600,000 19,580,000  
Ending balance at Jun. 30, 2025 $ 2,370,831     $ (2,877) $ 3,998,827   $ (1,640,510)   $ 15,366 $ 23     $ 2  
Treasury stock, ending balance (in shares) at Jun. 30, 2025 5,000,000.0     4,960,000                      
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income (loss) $ (417,309) $ 81,562
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 28,089 24,225
Accretion of premium on available-for-sale debt securities 0 (1,887)
Realized and unrealized losses (gains) on digital assets 7,189 (2,308)
Change in fair value of convertible debt, warrant liability, and embedded derivatives 170,106 (1,880)
Digital assets received for services (9,416) 0
Equity securities received for services (3,826) 0
Deferred taxes (5,751) (2,235)
Realized and unrealized losses (gains) on available-for-sale debt securities and strategic investments 1,416 (3,636)
Stock-based compensation 447,682 26,229
Foreign currency remeasurement 8,763 45
Provision for warrants in common stock 5,565 0
Other non-cash items 2,306 1,323
Changes in operating assets and liabilities:    
Accounts receivable (8,635) 1,341
Prepaid expenses and other current assets (42,104) 7
Accounts payable and accrued expenses 123,981 4,502
Other current liabilities (4,340) (2,333)
Net cash provided by operating activities 303,716 124,955
Cash flows from investing activities    
Purchase of available-for-sale debt securities 0 (99,313)
Sale and maturities of available-for-sale securities 0 168,942
Business combinations, net of cash acquired (7,734) 0
Sale and return of investments 194 447
Purchase of investments (6,370) (1,063)
Proceeds from sale of digital assets 79 4,465
Capitalization of software development costs (24,858) (17,906)
Purchase of long-lived assets (7,419) (3,351)
Net cash (used in) provided by investing activities (46,108) 52,221
Cash flows from financing activities    
Net changes in deposits held for stablecoin holders 17,339,497 7,631,639
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs 572,558 0
Payment of withholding taxes on settlement of restricted stock units (121,794) 0
Capitalized transaction costs 0 (268)
Proceeds from exercise of stock options 6,800 629
Net cash provided by financing activities 17,797,061 7,632,000
Effect of exchange rate changes on cash and cash equivalents, restricted and segregated cash 53,247 (2,234)
Unrealized gains (losses) on available-for-sale debt securities classified as cash equivalents, net of tax 0 (1)
Net increase in cash and cash equivalents, restricted and segregated cash 18,107,916 7,806,941
Cash and cash equivalents, restricted and segregated cash at the beginning of the period 44,967,604 24,994,159
Cash and cash equivalents, restricted and segregated cash at the end of the period 63,075,520 32,801,100
Cash and cash equivalents, restricted and segregated cash consisted of the following:    
Cash and cash equivalents 1,118,119 457,457
Restricted cash 3,210 3,596
Cash and cash equivalents segregated for corporate-held stablecoins 588,271 348,874
Cash and cash equivalents segregated for the benefit of stablecoin holders 61,365,920 31,991,173
Total cash and cash equivalents, restricted and segregated cash 63,075,520 32,801,100
Supplemental disclosure of cash flow information    
Cash paid for income taxes 13,525 26,678
Cash paid for interest 180 271
Supplemental schedule of non-cash activities    
Capitalized stock-based compensation expense related to internally developed software 68,348 6,944
Purchases of long-lived assets included in accounts payable and accrued expenses (1,270) 0
Non-cash purchase of investments and digital assets (379) (5,650)
Receipt of stablecoins receivable 7,000 6,513
Net changes in the purchase and redemption of digital financial assets (13,820) 15,567
Obligations to return digital asset collateral 0 (1,905)
Digital assets collateral received 0 1,905
Non-cash consideration for business combinations 89,919 0
Unrealized (loss) gain on convertible notes - credit risk, net of tax (71) 91
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering 1,140,502 0
Deferred offering costs not yet paid 2,794 0
Debt Securities    
Supplemental schedule of non-cash activities    
Unrealized gain (loss) on available-for-sale debt securities $ 0 $ (233)
v3.25.2
Description of business
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of business Description of business
Overview of the Business
On July 1, 2024, Circle Internet Financial Limited (“Circle Ireland”) consummated an Irish High Court-approved scheme of arrangement, pursuant to which issued ordinary shares and preferred shares in the capital of Circle Ireland were cancelled and, in connection with such cancellation, Circle Internet Group, Inc. ((“Circle Group”), a Delaware corporation, issued equivalent shares of capital stock (in number and class) to the then-shareholders of Circle Ireland. Upon consummation of the scheme of arrangement, Circle Ireland became a wholly-owned subsidiary of Circle Group. The historical basis of accounting was retained as if the entities had always been combined for financial reporting purposes. The 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 certain entities controlled by our co-founders were converted into an equivalent number of shares of Class B common stock. As a result, following the completion of the IPO, we have three classes of authorized common stock: Class A common stock, Class B common stock, and Class C common stock, of which only Class A common stock and Class B common stock were outstanding as of 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 shares of Class A common stock, 4.0 million of which were withheld for tax withholding requirements.
v3.25.2
Summary of significant accounting policies
 6 Months Ended
Jun. 30, 2025
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.
v3.25.2
Acquisitions and divestitures
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [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, net193 
Prepaid expenses and other current assets109 
Fixed assets, net8 
Digital assets104 
Goodwill96,840 
Intangible assets, net4,480 
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 shares of Class A common stock. The intangible assets acquired consist of developed technology of $1.7 million and customer relationships of $2.8 million and were each assigned useful lives of 2 years. The fair value of the customer relationships were determined using the income approach, and the developed technology was determined using the cost approach. These valuations are considered Level 3 fair value measurements due to the use of unobservable inputs including projected timing and amounts of future revenues, cash flows, discount rates and current replacement costs. The excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets acquired and liabilities assumed was recorded as goodwill and is attributable to Hashnote’s workforce and the synergies expected to arise from the acquisition. The Company does not expect goodwill to be deductible for income tax purposes.
The agreement also provided for the issuance of up to approximately 1.8 million additional shares of Class A common stock to certain Hashnote employees, which are subject to the satisfaction of vesting conditions and 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.
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases
4. Leases
The Company leases facilities under non-cancelable operating leases. In addition to fixed monthly lease payments, the Company is required to pay operating expenses and real estate taxes for certain of these facilities.
The components of lease cost were as follows (in thousands):
Table 4.1. Lease Cost
Three months ended June 30,Six months ended June 30,
2025202420252024
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, 2025December 31, 2024
Operating lease right-of-use assets
$14,933 $15,493 
Operating lease liabilities - current2,704 2,637 
Operating lease liabilities - non-current12,725 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, 2025December 31, 2024
Weighted-average remaining lease term
7.8 years8.3 years
Weighted-average discount rates13.3 %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 
20263,146 
20273,199 
20282,791 
20293,058 
Thereafter11,944 
Total lease payments25,802 
Less: imputed interest
10,373 
Total lease liabilities$15,429 
v3.25.2
Intangible assets, net
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets, net Intangible assets, net
The useful life of the Company’s finite-lived acquired intangible assets is as follows:
Table 5.1. Acquired Intangible Assets Useful Life
Acquired intangible assets
Useful life (years)
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, 2025Gross
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, 2024Gross
carrying
amount		Accumulated
amortization		Intangible
assets, net		Weighted
average
remaining
useful
life (in years)
Amortizing intangible assets
Internally developed software $146,579 $(94,646)$51,933 1.4
Acquired intangible assets
31,373 (18,316)13,057 5.8
Total amortizing intangible assets
$177,952 $(112,962)$64,990 
Indefinite-lived intangible assets:
Acquired intangible assets
266,404 — 266,404 
Total intangible assets, net$444,356 $(112,962)$331,394 
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 
202663,351 
202722,530 
20281,774 
2029384 
Thereafter 1,706 
Total amortization expense $130,565 
v3.25.2
Fixed assets, net
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Fixed assets, net
6. Fixed assets, net
The following table presents our major categories of fixed assets, net (in thousands):
Table 6.1. Details of Fixed Assets, net
June 30, 2025December 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 assets29,243 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.
v3.25.2
Digital assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Digital assets
7. Digital assets
The composition of digital assets included the following (in thousands, except quantity):
Table 7.1. Details of Digital Assets
June 30, 2025December 31, 2024
QuantityCost BasisFair ValueQuantityCost BasisFair Value
Sui3,564,079$7,792 $9,898 2,304,672$2,385 $9,483 
Bitcoin732,193 7,829 732,113 6,781 
Ether1,7264,412 4,300 1,7464,455 5,815 
Syrup4,951,1652,500 2,686 49,5122,500 772 
Worldcoin2,779,3483,300 2,498 —— — 
Sei6,250,0002,385 1,763 6,250,0002,385 2,472 
Starknet13,601,0101,616 1,587 — — — 
Zebec Network366,555,944524 1,252 310,290,738 420 276 
Aptos217,3781,487 1,062 217,3781,487 1,891 
Optimism867,3031,330 491 867,3031,330 1,518 
Other digital assetsn.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 $2.4 million subject to various time-based contractual sale restrictions ranging from July 2025 until March 2029.
Digital assets (gains) losses consists of the following (in thousands):
Table 7.2. Digital Assets (gains) losses
Three months ended June 30,Six months ended June 30,
2025202420252024
(Gains)/losses on disposals of digital assets$(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.
v3.25.2
Investments
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments
8. Investments
Strategic investments
The Company holds strategic investments in privately held companies as a part of the Company's strategy to build partnerships across the digital asset ecosystem. The Company also receives certain equity instruments as consideration for services. The Company does not have the ability to exercise significant influence over operating and financial policies of these investments. The carrying amount of these investments was $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 companies9,674 
Upward adjustments1,511 
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 adjustments4,142 
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.
v3.25.2
Derivatives and embedded derivatives
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and embedded derivatives
9. Derivatives and embedded derivatives
The Company enters into certain strategic investments in the form of forward contracts to purchase a specified quantity of digital assets. Certain of these contracts are accounted for as derivatives or investments with embedded derivatives, and 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, 2025December 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, 2025December 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,
2025202420252024
Obligation to return digital asset collateral - embedded derivatives (1)
$— $— $— $1,629 
Accounts receivable, net - embedded derivatives (2)
$(408)$— $(1,384)$— 
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.
v3.25.2
Fair value measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair value measurements
10. Fair value measurements
Recurring fair value measurements
The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis. The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts receivable, stablecoin receivables, prepaid expenses and other current assets, and accounts payable and accrued expenses approximate their fair values due to their short-term nature.
Table 10.1. Fair Value Hierarchy
(in thousands)June 30, 2025December 31, 2024
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Assets
Cash equivalents (1)
$53,958,277 $— $— $37,841,697 $— $— 
Digital assets35,113 — — 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, 2025December 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.
v3.25.2
Revenue recognition
 6 Months Ended
Jun. 30, 2025
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue recognition  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,
2025202420252024
Reserve income
$634,274 $423,263 $1,192,185 $782,902 
Other revenue
Subscription and services17,784 5,000 36,495 6,001 
Transaction revenue5,825 226 7,451 644 
   Other195 1,541 520 5,577 
Total other revenue23,804 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 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 
v3.25.2
Other expense (income), net
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [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,
2025202420252024
Gains (losses) on digital assets and other investments, net $5,233 $(1,478)$(3,030)$2,888 
Interest income on corporate balances9,952 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 
v3.25.2
Income taxes
 6 Months Ended
Jun. 30, 2025
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.
v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt
14. Debt
Warrant liability
In connection with a loan agreement with a bank, which was repaid in full in November 2019, the Company issued warrants convertible into 85 thousand Series E preferred stock with a strike price of $16.23 per share with an expiration date of February 21, 2025. On February 20, 2025, the Company issued an aggregate of 45 thousand shares of Series E preferred stock to the warrant holders upon the cashless exercise of those warrants.
Convertible debt, net of debt discount
In March 2019, the Company issued a convertible promissory note in connection with an acquisition. Pursuant to the note agreement, the Company agrees to pay the holders the principal amount together with any interest on the unpaid principal balance for the note beginning on the date of the agreement. The note had an original principal amount of $24.0 million and was convertible into Series E preferred stock subject to the conversion provisions in the agreement. 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.
v3.25.2
Stockholders' equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' equity
15. Stockholders’ equity
Common Stock
In June 2025, the Company completed its IPO, in which the Company issued and sold 19.9 million shares of its Class A common stock, including the underwriters’ over-allotment option which was exercised in full, at a public offering price of $31.00 per share.
The Charter authorizes a total of 2.5 billion shares of Class A common stock with a par value of $0.0001 per share, 500.0 million shares of Class B common stock with a par value of $0.0001 per share, 500.0 million shares of Class C common stock with a par value of $0.0001 per share and 500.0 million shares of preferred stock with a par value of $0.0001 per share. In connection with the IPO, all shares of our outstanding redeemable convertible preferred stock automatically converted into a total of 139.8 million shares of our Class A common stock, and a total of 19.6 million shares of Class A common stock held by our co-founders and certain entities controlled by our co-founders were converted into an equivalent number of shares of Class B common stock. As a result, following the completion of the IPO, we have three classes of authorized common stock: Class A common stock, Class B common stock, and Class C common stock, of which only Class A common stock and Class B common stock were outstanding as of 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, 2025December 31, 2024
Conversion of Series A redeemable convertible preferred stock —33,621
Conversion of Series B redeemable convertible preferred stock —17,586
Conversion of Series C redeemable convertible preferred stock —18,445
Conversion of Series D redeemable convertible preferred stock —23,203
Conversion of Series E redeemable convertible preferred stock —37,391
Conversion of Series F redeemable convertible preferred stock —9,516
Common stock issuable in connection with business combinations2,015548
Common stock issuable under stock award plan 37,51842,694
Common stock available for future issuance under stock award plan 31,1059,649
Total 70,638192,653
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 shares of 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. 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 classIssue DateIssue priceConversion priceLiquidation preference
Shares issued
(in thousands)
Series A8/22/2013$0.27 $0.27 $0.27 33,621
Series B2/26/2014$0.97 $0.97 $0.97 17,586
Series C4/10/2015$2.17 $2.17 $2.17 18,445
Series D5/17/2016$2.76 $2.76 $2.76 23,203
Series EVarious$16.23 $16.23 $16.23 37,391
Series F5/9/2022$42.14 $42.14 $42.14 9,516
v3.25.2
Redeemable convertible preferred stock
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Redeemable convertible preferred stock
15. Stockholders’ equity
Common Stock
In June 2025, the Company completed its IPO, in which the Company issued and sold 19.9 million shares of its Class A common stock, including the underwriters’ over-allotment option which was exercised in full, at a public offering price of $31.00 per share.
The Charter authorizes a total of 2.5 billion shares of Class A common stock with a par value of $0.0001 per share, 500.0 million shares of Class B common stock with a par value of $0.0001 per share, 500.0 million shares of Class C common stock with a par value of $0.0001 per share and 500.0 million shares of preferred stock with a par value of $0.0001 per share. In connection with the IPO, all shares of our outstanding redeemable convertible preferred stock automatically converted into a total of 139.8 million shares of our Class A common stock, and a total of 19.6 million shares of Class A common stock held by our co-founders and certain entities controlled by our co-founders were converted into an equivalent number of shares of Class B common stock. As a result, following the completion of the IPO, we have three classes of authorized common stock: Class A common stock, Class B common stock, and Class C common stock, of which only Class A common stock and Class B common stock were outstanding as of 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, 2025December 31, 2024
Conversion of Series A redeemable convertible preferred stock —33,621
Conversion of Series B redeemable convertible preferred stock —17,586
Conversion of Series C redeemable convertible preferred stock —18,445
Conversion of Series D redeemable convertible preferred stock —23,203
Conversion of Series E redeemable convertible preferred stock —37,391
Conversion of Series F redeemable convertible preferred stock —9,516
Common stock issuable in connection with business combinations2,015548
Common stock issuable under stock award plan 37,51842,694
Common stock available for future issuance under stock award plan 31,1059,649
Total 70,638192,653
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 shares of 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. 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 classIssue DateIssue priceConversion priceLiquidation preference
Shares issued
(in thousands)
Series A8/22/2013$0.27 $0.27 $0.27 33,621
Series B2/26/2014$0.97 $0.97 $0.97 17,586
Series C4/10/2015$2.17 $2.17 $2.17 18,445
Series D5/17/2016$2.76 $2.76 $2.76 23,203
Series EVarious$16.23 $16.23 $16.23 37,391
Series F5/9/2022$42.14 $42.14 $42.14 9,516
v3.25.2
Stock-based compensation
 6 Months Ended
Jun. 30, 2025
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, 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, 202422,751$8.48 5.5$522,900 
Options exercised (1,955)3.48 
Options forfeited(93)20.62 
Balance as of June 30, 202520,7038.90 4.63,568,967 
Exercisable at June 30, 202519,630$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, 20242,115$23.81 
Options vested(1,035)$19.20 
Options forfeited (8)$17.06 
Balance as of June 30, 20251,072$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, 202419,943 $30.85 
RSUs granted 7,129 $31.13 
RSUs vested(9,543)$33.37 
RSUs forfeited (714)$29.67 
Balance as of June 30, 202516,815 $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, 2024548 $47.82 
Shares issued1,473 $31.16 
Shares forfeited
(6)$47.82 
Balance as of June 30, 20252,015 $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
v3.25.2
Earnings (loss) per share
 6 Months Ended
Jun. 30, 2025
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,
2025202420252024
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 – basic107,514 54,396 82,877 54,186 
Add: Weighted-average effect of dilutive securities
— 16,020 — 18,790 
Weighted-average common shares – diluted107,514 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,
2025202420252024
Redeemable convertible preferred stock
— 139,237 — 139,237 
Stock options and RSUs37,518 — 37,518 — 
Common stock in connection with business combinations2,103 332 2,103 332 
Convertible debt, net of debt discount
1,125 1,617 1,125 — 
Warrants— 1,535 — — 
Total40,746 142,721 40,746 139,569 
v3.25.2
Accumulated other comprehensive income
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Accumulated other comprehensive income
19. Accumulated other comprehensive income
Following is a summary of the changes in each component of accumulated other comprehensive income (in thousands):
Table 19.1. Accumulated Other Comprehensive Income
Three Months Ended June 30,
20252024
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,
20252024
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 effect7 — 
Total accumulated other comprehensive income, net of tax $15,366 $4,179 
v3.25.2
Prepaid expenses and other current assets
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid expenses and other current assets
20. Prepaid expenses and other current assets
Prepaid expenses and other current assets includes the following (in thousands):
Table 20.1 Details of Prepaid Expenses and Other Current Assets
June 30, 2025December 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 
Other7,581 5,967 
Total prepaid expenses and other current assets$216,604 $187,528 
v3.25.2
Accounts payable and accrued expenses
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Accounts payable and accrued expenses
21. Accounts payable and accrued expenses
Accounts payable and accrued expenses includes the following (in thousands):
Table 21.1 Details of Accounts Payable and Accrued Expenses
June 30, 2025December 31, 2024
Accrued distribution costs$107,925 $83,318 
Stablecoin redemptions in transit
194,026 118,074 
Accrued expenses 66,827 70,314 
Accounts payable
28,522 5,505 
Income taxes payable 3,850 678 
Other payables10,410 9,118 
Total accounts payable and accrued expenses $411,560 $287,007 
v3.25.2
Commitments and contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies
22. Commitments and contingencies

Legal matters
The Company is subject to various litigation, regulatory investigations, and other legal proceedings that arise in the ordinary course of its business. The Company is also subject to regulatory oversight by numerous regulatory and other governmental agencies. The Company reviews its lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies for such matters when potential losses become probable and can be reasonably estimated. If the Company determines that a loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the possible loss in the consolidated financial statements.
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
Subsequent events
 6 Months Ended
Jun. 30, 2025
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.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Jeremy Allaire [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On June 4, 2025, Jeremy Allaire, our Co-Founder, Chairman, and Chief Executive Officer, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Allaire's plan is for the sale of up to 451,535 shares of Class A common stock through November 13, 2026, which includes (i) 442,439 shares of Class A common stock held directly by Mr. Allaire (following the conversion of Class B common stock to Class A common stock immediately prior to the sales) and (ii) an aggregate of 9,096 shares of Class A common stock held through Spruce Trust, Oak Trust, Chestnut Trust, Beech Trust, each an irrevocable non-grantor trust, of which Mr. Allaire's legal counsel is the sole trustee and Mr. Allaire's children are beneficiaries. The foregoing sales will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and November 13, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements.
Name Jeremy Allaire
Title Co-Founder, Chairman, and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 4, 2025
Expiration Date November 13, 2026
Arrangement Duration 527 days
Aggregate Available 451,535
Jeremy Fox-Geen [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On June 4, 2025, Jeremy Fox-Geen, our Chief Financial Officer, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Fox-Geen's plan is for the sale of up to 272,147 shares of Class A common stock through October 30, 2026. The foregoing sales will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and October 30, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements.
Name Jeremy Fox-Geen
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 4, 2025
Expiration Date October 30, 2026
Arrangement Duration 513 days
Aggregate Available 272,147
Heath Tarbert [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On June 4, 2025, Heath Tarbert, our President, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Tarbert's plan is for the sale of up to 353,290 shares of Class A common stock through June 5, 2026. The foregoing sales will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and June 5, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements.
Name Heath Tarbert
Title President
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 4, 2025
Expiration Date June 5, 2026
Arrangement Duration 366 days
Aggregate Available 353,290
Nikhil Chandhok [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On June 4, 2025, Nikhil Chandhok, our Chief Product and Technology Officer, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Chandhok's plan is for the sale of up to 100,000 shares of Class A common stock through June 5, 2026. The foregoing sales will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and June 5, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements.
Name Nikhil Chandhok
Title Chief Product and Technology Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 4, 2025
Expiration Date June 5, 2026
Arrangement Duration 366 days
Aggregate Available 100,000
Tamara Schulz [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On June 13, 2025, Tamara Schulz, our Chief Accounting Officer, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Ms. Schulz's plan is for the sale of up to 30,706 shares of Class A common stock through November 13, 2026. The foregoing sales will be made in accordance with the prices and formulas set forth in the plan and such plan terminates on the earlier of the date all the shares under the plan are sold and November 13, 2026. The plan was adopted during an open trading window and includes a cooling off period consistent with SEC requirements.
Name Tamara Schulz
Title Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 13, 2025
Expiration Date November 13, 2026
Arrangement Duration 518 days
Aggregate Available 30,706
v3.25.2
Summary of significant accounting policies (Policies)
 6 Months Ended
Jun. 30, 2025
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.
Reclassifications
Reclassifications
Certain prior period amounts have been reclassified in order to conform with the current period presentation. The impact of these reclassifications is immaterial to the presentation of the unaudited condensed consolidated financial statements taken as a whole and had no impact on previously reported total assets, total liabilities and net income.
Use of Estimates
Use of Estimates
The preparation of 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
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
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
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.
Recently Adopted and Issued 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 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.
v3.25.2
Acquisitions and divestitures (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes the 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, net193 
Prepaid expenses and other current assets109 
Fixed assets, net8 
Digital assets104 
Goodwill96,840 
Intangible assets, net4,480 
Accounts payable and accrued expenses(655)
Other current liabilities
(2,383)
Deferred tax liabilities, net(1,043)
Total purchase consideration$100,065 
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Components of Lease Cost
The components of lease cost were as follows (in thousands):
Table 4.1. Lease Cost
Three months ended June 30,Six months ended June 30,
2025202420252024
Operating lease cost$834 $1,108 $1,672 $2,226 
Short-term lease cost    $165 $248 $332 $483 
Schedule of Supplemental Balance Sheet
Supplemental balance sheet information related to leases is as follows (in thousands):
Table 4.2. Details of Lease Right-of-use Assets and Liabilities
June 30, 2025December 31, 2024
Operating lease right-of-use assets
$14,933 $15,493 
Operating lease liabilities - current2,704 2,637 
Operating lease liabilities - non-current12,725 13,074 
Total operating lease liabilities$15,429 $15,711 
Weighted-average lease terms and discount rates are as follows:
Table 4.3. Weighted-average Lease Terms and Discount Rates
June 30, 2025December 31, 2024
Weighted-average remaining lease term
7.8 years8.3 years
Weighted-average discount rates13.3 %12.8 %
Schedule of Maturities of Lease Liabilities
Maturities of lease liabilities under operating leases are as follows (in thousands):
Table 4.4. Maturities of Lease Liabilities
Years ending December 31,
2025 (remaining 6 months)$1,664 
20263,146 
20273,199 
20282,791 
20293,058 
Thereafter11,944 
Total lease payments25,802 
Less: imputed interest
10,373 
Total lease liabilities$15,429 
v3.25.2
Intangible assets, net (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
The useful life of the Company’s finite-lived acquired intangible assets is as follows:
Table 5.1. Acquired Intangible Assets Useful Life
Acquired intangible assets
Useful life (years)
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, 2025Gross
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, 2024Gross
carrying
amount		Accumulated
amortization		Intangible
assets, net		Weighted
average
remaining
useful
life (in years)
Amortizing intangible assets
Internally developed software $146,579 $(94,646)$51,933 1.4
Acquired intangible assets
31,373 (18,316)13,057 5.8
Total amortizing intangible assets
$177,952 $(112,962)$64,990 
Indefinite-lived intangible assets:
Acquired intangible assets
266,404 — 266,404 
Total intangible assets, net$444,356 $(112,962)$331,394 
Schedule of Indefinite-Lived Intangible Assets
Intangible assets consists of the following (in thousands):
Table 5.2. Details of Intangible Assets, net
As of June 30, 2025Gross
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, 2024Gross
carrying
amount		Accumulated
amortization		Intangible
assets, net		Weighted
average
remaining
useful
life (in years)
Amortizing intangible assets
Internally developed software $146,579 $(94,646)$51,933 1.4
Acquired intangible assets
31,373 (18,316)13,057 5.8
Total amortizing intangible assets
$177,952 $(112,962)$64,990 
Indefinite-lived intangible assets:
Acquired intangible assets
266,404 — 266,404 
Total intangible assets, net$444,356 $(112,962)$331,394 
Schedule of Future Amortization Expense
The expected future amortization expense for amortizing intangible assets is as follows (in thousands):
Table 5.3. Future Amortization Expense of Intangible Assets

Years ending December 31,
2025 (remaining 6 months)$40,820 
202663,351 
202722,530 
20281,774 
2029384 
Thereafter 1,706 
Total amortization expense $130,565 
v3.25.2
Fixed assets, net (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Fixed Asset, Net
The following table presents our major categories of fixed assets, net (in thousands):
Table 6.1. Details of Fixed Assets, net
June 30, 2025December 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 assets29,243 23,463 
Less: accumulated depreciation and amortization(5,439)(4,781)
Total fixed assets, net$23,804 $18,682 
v3.25.2
Digital assets (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Digital Assets
The composition of digital assets included the following (in thousands, except quantity):
Table 7.1. Details of Digital Assets
June 30, 2025December 31, 2024
QuantityCost BasisFair ValueQuantityCost BasisFair Value
Sui3,564,079$7,792 $9,898 2,304,672$2,385 $9,483 
Bitcoin732,193 7,829 732,113 6,781 
Ether1,7264,412 4,300 1,7464,455 5,815 
Syrup4,951,1652,500 2,686 49,5122,500 772 
Worldcoin2,779,3483,300 2,498 —— — 
Sei6,250,0002,385 1,763 6,250,0002,385 2,472 
Starknet13,601,0101,616 1,587 — — — 
Zebec Network366,555,944524 1,252 310,290,738 420 276 
Aptos217,3781,487 1,062 217,3781,487 1,891 
Optimism867,3031,330 491 867,3031,330 1,518 
Other digital assetsn.m.3,191 1,747 n.m.2,683 2,322 
Total digital assets$30,730 $35,113 $19,758 $31,330 
n.m.= not meaningful
Schedule of Gain (Losses)
Digital assets (gains) losses consists of the following (in thousands):
Table 7.2. Digital Assets (gains) losses
Three months ended June 30,Six months ended June 30,
2025202420252024
(Gains)/losses on disposals of digital assets$(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)
v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Equity Method Investments
The changes in the carrying value of equity investments carried under the measurement alternative along with investments in limited partnerships and certain forward contracts to purchase a specified quantity of equity shares in private companies are presented below (in thousands):
Table 8.1. Changes in the Carrying Value of Equity Investments under Measurement Alternative
Balance as of December 31, 2024$68,229 
Net investments and returns in privately held companies9,674 
Upward adjustments1,511 
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 adjustments4,142 
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.
v3.25.2
Derivatives and embedded derivatives (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair value of the Company’s derivatives and embedded derivatives are as follows (in thousands):
Table 9.1. Fair Value of Derivative and Embedded Derivative Assets and Liabilities
June 30, 2025December 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, 2025December 31, 2024
Investments - embedded derivatives$1,223 $791 
Investments - derivatives$353 $384 
Schedule of 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,
2025202420252024
Obligation to return digital asset collateral - embedded derivatives (1)
$— $— $— $1,629 
Accounts receivable, net - embedded derivatives (2)
$(408)$— $(1,384)$— 
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.
v3.25.2
Fair value measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis. The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts receivable, stablecoin receivables, prepaid expenses and other current assets, and accounts payable and accrued expenses approximate their fair values due to their short-term nature.
Table 10.1. Fair Value Hierarchy
(in thousands)June 30, 2025December 31, 2024
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Assets
Cash equivalents (1)
$53,958,277 $— $— $37,841,697 $— $— 
Digital assets35,113 — — 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.
Schedule of Roll-Forward of Fair Value for the Company’s Warrant Liabilities The changes in carrying value of warrant liability are reflected in the following tables (in thousands):
Table 10.2. Changes in Carrying Value of Warrant Liability
Balance as of December 31, 2024$1,591 
Warrants exercised
(1,591)
Balance as of June 30, 2025$— 
Balance as of December 31, 2023$1,642 
Fair value adjustment (116)
Balance as of June 30, 2024$1,526 
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 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following significant unobservable inputs were used in the valuation:
Table 10.4. Significant Unobservable Inputs
June 30, 2025December 31, 2024
Discount rate 8.0 %7.5 %
Volatility 56.6 %65.0 %
Risk-free rate 4.1 %4.1 %
v3.25.2
Revenue recognition (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue Recognition and Deferred Revenue [Abstract]  
Schedule of 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,
2025202420252024
Reserve income
$634,274 $423,263 $1,192,185 $782,902 
Other revenue
Subscription and services17,784 5,000 36,495 6,001 
Transaction revenue5,825 226 7,451 644 
   Other195 1,541 520 5,577 
Total other revenue23,804 6,767 44,466 12,222 
Total revenue and reserve income
$658,078 $430,030 $1,236,651 $795,124 
Schedule of Changes in Deferred Revenue The changes in our deferred revenue are reflected in the following table (in thousands):
Table 11.2. Changes in Deferred Revenue
Balance at December 31, 2024$13,390 
Deferred revenue billed in the current period, net of recognition
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 
v3.25.2
Other expense (income), net (Tables)
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [Abstract]  
Schedule of Major Categories 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,
2025202420252024
Gains (losses) on digital assets and other investments, net $5,233 $(1,478)$(3,030)$2,888 
Interest income on corporate balances9,952 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 
v3.25.2
Stockholders' equity (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Common Stock Reserved For Future Issuance
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, 2025December 31, 2024
Conversion of Series A redeemable convertible preferred stock —33,621
Conversion of Series B redeemable convertible preferred stock —17,586
Conversion of Series C redeemable convertible preferred stock —18,445
Conversion of Series D redeemable convertible preferred stock —23,203
Conversion of Series E redeemable convertible preferred stock —37,391
Conversion of Series F redeemable convertible preferred stock —9,516
Common stock issuable in connection with business combinations2,015548
Common stock issuable under stock award plan 37,51842,694
Common stock available for future issuance under stock award plan 31,1059,649
Total 70,638192,653
v3.25.2
Redeemable convertible preferred stock (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Preferred Stocks
Following is a presentation of the key characteristics and shares for each class of the Company’s preferred stock as of December 31, 2024.
Table 16.1. Details of Preferred Stocks
Preferred stock classIssue DateIssue priceConversion priceLiquidation preference
Shares issued
(in thousands)
Series A8/22/2013$0.27 $0.27 $0.27 33,621
Series B2/26/2014$0.97 $0.97 $0.97 17,586
Series C4/10/2015$2.17 $2.17 $2.17 18,445
Series D5/17/2016$2.76 $2.76 $2.76 23,203
Series EVarious$16.23 $16.23 $16.23 37,391
Series F5/9/2022$42.14 $42.14 $42.14 9,516
v3.25.2
Stock-based compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
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, 202422,751$8.48 5.5$522,900 
Options exercised (1,955)3.48 
Options forfeited(93)20.62 
Balance as of June 30, 202520,7038.90 4.63,568,967 
Exercisable at June 30, 202519,630$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, 20242,115$23.81 
Options vested(1,035)$19.20 
Options forfeited (8)$17.06 
Balance as of June 30, 20251,072$28.30 
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, 202419,943 $30.85 
RSUs granted 7,129 $31.13 
RSUs vested(9,543)$33.37 
RSUs forfeited (714)$29.67 
Balance as of June 30, 202516,815 $29.58 
Summary of Outstanding Unvested Stock Options 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, 2024548 $47.82 
Shares issued1,473 $31.16 
Shares forfeited
(6)$47.82 
Balance as of June 30, 20252,015 $35.64 
v3.25.2
Earnings (loss) per share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule 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,
2025202420252024
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 – basic107,514 54,396 82,877 54,186 
Add: Weighted-average effect of dilutive securities
— 16,020 — 18,790 
Weighted-average common shares – diluted107,514 70,416 82,877 72,976 
Earnings (loss) per common share, basic and diluted
$(4.48)$0.00 $(5.04)$0.00 
Schedule of Potentially Dilutive Securities
The outstanding securities that were excluded from the computation of diluted earnings (loss) per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows (in thousands):
Table 18.2. Potentially Dilutive Securities
Three Months Ended June 30,Six months ended June 30,
2025202420252024
Redeemable convertible preferred stock
— 139,237 — 139,237 
Stock options and RSUs37,518 — 37,518 — 
Common stock in connection with business combinations2,103 332 2,103 332 
Convertible debt, net of debt discount
1,125 1,617 1,125 — 
Warrants— 1,535 — — 
Total40,746 142,721 40,746 139,569 
v3.25.2
Accumulated other comprehensive income (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Following is a summary of the changes in each component of accumulated other comprehensive income (in thousands):
Table 19.1. Accumulated Other Comprehensive Income
Three Months Ended June 30,
20252024
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,
20252024
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 effect7 — 
Total accumulated other comprehensive income, net of tax $15,366 $4,179 
v3.25.2
Prepaid expenses and other current assets (Tables)
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Current Assets
Prepaid expenses and other current assets includes the following (in thousands):
Table 20.1 Details of Prepaid Expenses and Other Current Assets
June 30, 2025December 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 
Other7,581 5,967 
Total prepaid expenses and other current assets$216,604 $187,528 
v3.25.2
Accounts payable and accrued expenses (Tables)
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities
Accounts payable and accrued expenses includes the following (in thousands):
Table 21.1 Details of Accounts Payable and Accrued Expenses
June 30, 2025December 31, 2024
Accrued distribution costs$107,925 $83,318 
Stablecoin redemptions in transit
194,026 118,074 
Accrued expenses 66,827 70,314 
Accounts payable
28,522 5,505 
Income taxes payable 3,850 678 
Other payables10,410 9,118 
Total accounts payable and accrued expenses $411,560 $287,007 
v3.25.2
Description of business (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 06, 2025
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]              
Preferred stock, shares authorized (in shares) 500,000,000.0            
Share-based payment arrangement, expense $ 423.8            
Capitalized stock-based compensation expense related to internally developed software $ 62.7   $ 65.6 $ 3.5 $ 68.3 $ 6.9  
IPO              
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]              
Share-based compensation arrangement by share-based payment award, accelerated vesting, number         9,500,000    
Shares withheld for tax withholding requirements         4,000,000.0    
Common Class A              
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]              
Common stock, shares authorized (in shares) 2,500,000,000 2,500,000,000 2,500,000,000   2,500,000,000   300,000,000.0
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001 $ 0.0001   $ 0.0001   $ 0.0001
Preferred stock par value (in dollars per share) $ 0.0001            
Common stock, shares, issued (in shares)   209,000,000.0 209,000,000.0   209,000,000.0   56,400,000
Conversion of stock, shares issued 139,800,000            
Common Class A | IPO              
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]              
Number of shares issued (in shares)   19,900,000          
Purchase price per share (in dollars per share)   $ 31.00 $ 31.00   $ 31.00    
Sale of stock, consideration received on transaction   $ 583.0          
Net of issuance costs   $ 12.8          
Common Class B              
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]              
Common stock, shares authorized (in shares) 500,000,000.0 500,000,000.0 500,000,000.0   500,000,000.0   0
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001 $ 0.0001   $ 0.0001   $ 0.0001
Common stock, shares, issued (in shares)   19,600,000 19,600,000   19,600,000   0
Common Class B | Co-Founder              
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]              
Conversion of stock, shares issued 19,600,000            
Common Class C              
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]              
Common stock, shares authorized (in shares)   500,000,000.0 500,000,000.0   500,000,000.0   0
Common stock, par or stated value per share (in dollars per share) $ 0.0001            
Common stock, shares, issued (in shares) 500,000,000.0 0 0   0   0
v3.25.2
Summary of significant accounting policies (Details) - USD ($)
$ / shares in Units, $ in Billions
Jun. 30, 2025
Dec. 31, 2024
Platform Operator, Crypto Asset    
Net asset value (in dollars per share) $ 1.00 $ 1.00
Fair Value Measured at Net Asset Value Per Share    
Platform Operator, Crypto Asset    
Cash and cash equivalents segregated for the benefit of stablecoin holders $ 53.2 $ 37.5
v3.25.2
Acquisitions and divestitures - Narrative (Details) - Hashnote Holdings LLC - USD ($)
$ in Thousands, shares in Millions
 6 Months Ended
Jun. 30, 2025
Jan. 31, 2025
Business Combination    
Percentage of business acquired   100.00%
Total purchase consideration   $ 100,065
Payments to acquire business $ 10,200  
Business acquisition, purchase price adjustment $ 300  
Business acquisition number of shares 2.9  
Intangible assets, net   $ 4,480
Business acquisition additional number of shares 1.8  
Developed technology    
Business Combination    
Intangible assets, net $ 1,700  
Customer relationships    
Business Combination    
Intangible assets, net $ 2,800  
v3.25.2
Acquisitions and divestitures - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jan. 31, 2025
Dec. 31, 2024
Business Combination      
Goodwill $ 266,384   $ 169,544
Hashnote Holdings LLC      
Business Combination      
Cash and cash equivalents   $ 2,412  
Accounts receivable, net   193  
Prepaid expenses and other current assets   109  
Fixed assets, net   8  
Digital assets   104  
Goodwill   96,840  
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  
v3.25.2
Leases - Schedule of Components of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Operating lease cost $ 834 $ 1,108 $ 1,672 $ 2,226
Short-term lease cost $ 165 $ 248 $ 332 $ 483
v3.25.2
Leases - Schedule of Supplemental Balance Sheet (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
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
v3.25.2
Leases - Schedule of Weighted-Average Lease Terms and Discount Rates (Details)
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term 7 years 9 months 18 days 8 years 3 months 18 days
Weighted-average discount rates (in percent) 13.30% 12.80%
v3.25.2
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
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 operating lease liabilities $ 15,429 $ 15,711
v3.25.2
Intangible assets, net - Schedule of Intangible Assets Useful Life (Details)
 6 Months Ended
Jun. 30, 2025
Developed technology | Minimum  
Finite-Lived Intangible Assets  
Acquired intangible assets, useful life (in years) 2 years
Developed technology | Maximum  
Finite-Lived Intangible Assets  
Acquired intangible assets, useful life (in years) 6 years
Customer relationships | Minimum  
Finite-Lived Intangible Assets  
Acquired intangible assets, useful life (in years) 2 years
Customer relationships | Maximum  
Finite-Lived Intangible Assets  
Acquired intangible assets, useful life (in years) 4 years
Regulatory licenses  
Finite-Lived Intangible Assets  
Acquired intangible assets, useful life (in years) 5 years
Patents and trade name | Minimum  
Finite-Lived Intangible Assets  
Acquired intangible assets, useful life (in years) 1 year
Patents and trade name | Maximum  
Finite-Lived Intangible Assets  
Acquired intangible assets, useful life (in years) 17 years
v3.25.2
Intangible assets, net - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets    
Intangible assets, gross $ 270,797 $ 177,952
Accumulated amortization (140,232) (112,962)
Intangible assets, net 130,565 64,990
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Total intangible assets, net 537,201 444,356
Accumulated amortization 140,232 112,962
Intangible assets, net 396,969 331,394
Acquired intangible assets    
Indefinite-Lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 266,404 266,404
Internally developed software    
Finite-Lived Intangible Assets    
Intangible assets, gross 234,744 146,579
Accumulated amortization (119,232) (94,646)
Intangible assets, net $ 115,512 $ 51,933
Weighted average remaining useful life (in years) 1 year 8 months 12 days 1 year 4 months 24 days
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated amortization $ 119,232 $ 94,646
Acquired intangible assets    
Finite-Lived Intangible Assets    
Intangible assets, gross 36,053 31,373
Accumulated amortization (21,000) (18,316)
Intangible assets, net $ 15,053 $ 13,057
Weighted average remaining useful life (in years) 4 years 7 months 6 days 5 years 9 months 18 days
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated amortization $ 21,000 $ 18,316
v3.25.2
Intangible Assets, net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Finite-Lived Intangible Assets        
Amortization of intangible assets $ 13.6 $ 12.2 $ 27.1 $ 23.3
Internally developed software        
Finite-Lived Intangible Assets        
Amortization of intangible assets 12.3 10.3 24.4 19.4
Acquired intangible assets        
Finite-Lived Intangible Assets        
Amortization of intangible assets $ 1.3 $ 1.9 $ 2.7 $ 3.9
v3.25.2
Intangible Assets, net - Schedule of Future Amortization Expense (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Years ending December 31,    
2025 (remaining 6 months) $ 40,820  
2026 63,351  
2027 22,530  
2028 1,774  
2029 384  
Thereafter 1,706  
Intangible assets, net $ 130,565 $ 64,990
v3.25.2
Fixed assets, net - Schedule of Fixed Asset, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment    
Total fixed assets $ 29,243 $ 23,463
Less: accumulated depreciation and amortization (5,439) (4,781)
Total fixed assets, net 23,804 18,682
Computers & equipment    
Property, Plant and Equipment    
Total fixed assets 5,223 4,920
Leasehold improvements    
Property, Plant and Equipment    
Total fixed assets 20,107 739
Construction in progress    
Property, Plant and Equipment    
Total fixed assets 0 16,204
Other    
Property, Plant and Equipment    
Total fixed assets $ 3,913 $ 1,600
v3.25.2
Fixed assets, net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Property, Plant and Equipment [Abstract]        
Depreciation $ 0.6 $ 0.5 $ 1.0 $ 0.9
v3.25.2
Digital assets - Composition of Digital Assets (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
cryptocurrency
Dec. 31, 2024
USD ($)
cryptocurrency
Cost Basis    
Digital asset, cost basis $ 30,730 $ 19,758
Fair Value    
Digital assets $ 35,113 $ 31,330
Sui    
Quantity    
Digital assets, quantity | cryptocurrency 3,564,079 2,304,672
Cost Basis    
Digital asset, cost basis $ 7,792 $ 2,385
Fair Value    
Digital assets $ 9,898 $ 9,483
Bitcoin    
Quantity    
Digital assets, quantity | cryptocurrency 73 73
Cost Basis    
Digital asset, cost basis $ 2,193 $ 2,113
Fair Value    
Digital assets $ 7,829 $ 6,781
Ether    
Quantity    
Digital assets, quantity | cryptocurrency 1,726 1,746
Cost Basis    
Digital asset, cost basis $ 4,412 $ 4,455
Fair Value    
Digital assets $ 4,300 $ 5,815
Syrup    
Quantity    
Digital assets, quantity | cryptocurrency 4,951,165 49,512
Cost Basis    
Digital asset, cost basis $ 2,500 $ 2,500
Fair Value    
Digital assets $ 2,686 $ 772
Worldcoin    
Quantity    
Digital assets, quantity | cryptocurrency 2,779,348 0
Cost Basis    
Digital asset, cost basis $ 3,300 $ 0
Fair Value    
Digital assets $ 2,498 $ 0
Sei    
Quantity    
Digital assets, quantity | cryptocurrency 6,250,000 6,250,000
Cost Basis    
Digital asset, cost basis $ 2,385 $ 2,385
Fair Value    
Digital assets $ 1,763 $ 2,472
Starknet    
Quantity    
Digital assets, quantity | cryptocurrency 13,601,010 0
Cost Basis    
Digital asset, cost basis $ 1,616 $ 0
Fair Value    
Digital assets $ 1,587 $ 0
Zebec Network    
Quantity    
Digital assets, quantity | cryptocurrency 366,555,944 310,290,738
Cost Basis    
Digital asset, cost basis $ 524 $ 420
Fair Value    
Digital assets $ 1,252 $ 276
Aptos    
Quantity    
Digital assets, quantity | cryptocurrency 217,378 217,378
Cost Basis    
Digital asset, cost basis $ 1,487 $ 1,487
Fair Value    
Digital assets $ 1,062 $ 1,891
Optimism    
Quantity    
Digital assets, quantity | cryptocurrency 867,303 867,303
Cost Basis    
Digital asset, cost basis $ 1,330 $ 1,330
Fair Value    
Digital assets 491 1,518
Other digital assets    
Cost Basis    
Digital asset, cost basis 3,191 2,683
Fair Value    
Digital assets $ 1,747 $ 2,322
v3.25.2
Digital assets - Narrative (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Digital assets fair value amount $ 2.4
v3.25.2
Digital assets - Digital Assets (gains)/losses and Impairment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
(Gains)/losses on disposals of digital assets $ (7) $ (885) $ (30) $ (2,888)
(Gains)/losses on changes in fair value of embedded derivatives 0 0 0 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)
v3.25.2
Investments - Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Investments $ 83,794 $ 84,114
v3.25.2
Investments - Schedule of Equity Investments Under Measurement Alternative (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Investments in and Advances to Affiliates, at Fair Value    
Beginning balance $ 68,229 $ 66,008
Net investments and returns in privately held companies 9,674 1,273
Upward adjustments 1,511 4,142
Downward adjustments (3,156) (233)
Realized gains (losses) and impairments (217) (368)
Ending balance 76,041 70,822
Other long-term investments $ 7,800 $ 9,000
v3.25.2
Derivatives and embedded derivatives - Schedule of Fair Value of Derivative and Embedded Derivative Assets and Liabilities (Details) - Investments - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivatives    
Embedded derivatives - Fair value $ 3,559 $ 8,982
Investments - derivatives $ 164 $ 350
v3.25.2
Derivatives and embedded derivatives - Schedule of Notional Amounts of Derivative and Embedded Derivative Assets and Liabilities (Details) - Investments - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Host Contract    
Derivatives    
Hybrid Instruments at fair value $ 1,223 $ 791
Investments - derivatives    
Derivatives    
Investments - derivatives $ 353 $ 384
v3.25.2
Derivatives and embedded derivatives - Schedule of Gains (losses) on Derivatives and Embedded Derivatives (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivatives        
Investments - derivatives and embedded derivatives $ 1,209 $ (2,734) $ (4,131) $ 336
Digital Assets Gains Losses        
Derivatives        
Obligation to return digital asset collateral - embedded derivatives 0 0 0 1,629
Other Nonoperating Income (Expense)        
Derivatives        
Obligation to return digital asset collateral - embedded derivatives $ (408) $ 0 $ (1,384) $ 0
v3.25.2
Fair value measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Digital assets $ 35,113 $ 31,330
Liabilities    
Convertible debt, net of debt discount 206,100 40,700
Warrant liability 0 1,591
Level 1 | Fair Value, Recurring    
Assets    
Cash equivalents 53,958,277 37,841,697
Digital assets 35,113 31,330
Digital financial assets 532 14,328
Total assets 53,993,922 37,887,355
Liabilities    
Total liabilities 0  
Level 2 | Fair Value, Recurring    
Assets    
Total assets 3,723 9,332
Liabilities    
Total liabilities 0  
Level 2 | Fair Value, Recurring | Investments    
Assets    
Investments - derivatives and embedded derivatives 3,723 9,332
Level 3 | Fair Value, Recurring    
Liabilities    
Convertible debt, net of debt discount 206,140 40,717
Warrant liability   1,591
Total liabilities 206,140 42,308
Fair Value Measured at Net Asset Value Per Share    
Liabilities    
Cash and cash equivalents segregated for the benefit of stablecoin holders $ 53,200,000 $ 37,500,000
v3.25.2
Fair value measurements - Narrative (Details) - USD ($)
$ / shares in Units, shares in Thousands
Feb. 20, 2025
Nov. 30, 2019
Mar. 31, 2019
Series E      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Issuance of common stock and preferred stock upon exercise of warrants (in shares) 45    
Series E Preferred Warrants      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Warrants exercise price (in dollars per share)   $ 16.23  
First Note | Convertible debt, net of debt discount      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt instrument, face amount     $ 24,000,000.0
Convertible interest rate (as a percent)     2.90%
v3.25.2
Fair value measurements - Schedule of Roll-Forward of Fair Value of Liabilities (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Warrants    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 1,591 $ 1,642
Warrants exercised (1,591)  
Fair value adjustment   (116)
Ending balance 0 1,526
Convertible debt, net of debt discount    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 40,717 58,487
Net discount on convertible notes 420 564
Capitalized interest 334 479
Ending balance 206,140 56,382
Convertible debt, net of debt discount | Interest Rate Risk    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value adjustment 164,591 (3,057)
Convertible debt, net of debt discount | Credit Risk    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value adjustment $ 78 $ (91)
v3.25.2
Fair value measurements - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Convertible debt, net of debt discount
Jun. 30, 2025
Dec. 31, 2024
Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrants and rights outstanding, measurement input 0.080 0.075
Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrants and rights outstanding, measurement input 0.566 0.650
Risk-free rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrants and rights outstanding, measurement input 0.041 0.041
v3.25.2
Revenue recognition - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue        
Reserve income $ 634,274 $ 423,263 $ 1,192,185 $ 782,902
Other revenue 23,804 6,767 44,466 12,222
Total revenue and reserve income 658,078 430,030 1,236,651 795,124
Subscription and services        
Disaggregation of Revenue        
Other revenue 17,784 5,000 36,495 6,001
Transaction revenue        
Disaggregation of Revenue        
Other revenue 5,825 226 7,451 644
Other        
Disaggregation of Revenue        
Other revenue $ 195 $ 1,541 $ 520 $ 5,577
v3.25.2
Revenue recognition - Schedule of Changes in Deferred Revenue (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Contract with Customer, Liability    
Deferred revenue (Beginning balance) $ 13,390 $ 2,499
Deferred revenue billed in the current period, net of recognition 10,413 106
Revenue recognized that was included in the beginning period (15,296)  
Revenue recognized that was included in the beginning period   (2,439)
Deferred revenue (Ending balance) $ 8,507 $ 166
v3.25.2
Other expense (income), net - Schedule of Major Categories of Other (Expense) Income, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Other Income and Expenses [Abstract]        
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
v3.25.2
Income taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Income tax (benefit) expense $ (3,903) $ 19,244 $ 21,143 $ 43,481
Effective income tax rate (percent) 0.80% 36.90% (5.30%) 34.80%
v3.25.2
Debt (Details) - USD ($)
$ / shares in Units, shares in Thousands
 1 Months Ended
Feb. 20, 2025
Sep. 30, 2024
Jun. 30, 2025
Dec. 31, 2024
Nov. 30, 2019
Mar. 31, 2019
Debt Instrument [Line Items]            
Convertible debt, net of debt discount     $ 206,100,000 $ 40,700,000    
First Note | Convertible debt, net of debt discount            
Debt Instrument [Line Items]            
Debt instrument, face amount           $ 24,000,000.0
Debt conversion, original debt, amount   $ 8,300,000        
Debt conversion, converted instrument, shares (in shares)   524        
Debt conversion price (in dollars per share)           $ 16.23
Convertible interest rate (as a percent)           2.90%
Series E            
Debt Instrument [Line Items]            
Issuance of common stock and preferred stock upon exercise of warrants (in shares) 45          
Series E Preferred Warrants            
Debt Instrument [Line Items]            
Warrants issued to purchase shares (in shares)         85  
Warrants exercise price (in dollars per share)         $ 16.23  
v3.25.2
Stockholders' equity - Common Stock (Details) - $ / shares
 1 Months Ended
Jun. 06, 2025
Jun. 30, 2025
Dec. 31, 2024
Class of Stock      
Preferred stock, shares authorized (in shares) 500,000,000.0    
Common Class A      
Class of Stock      
Common stock, shares authorized (in shares) 2,500,000,000 2,500,000,000 300,000,000.0
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001 $ 0.0001
Common stock, shares, issued (in shares)   209,000,000.0 56,400,000
Conversion of stock, shares issued 139,800,000    
Preferred stock par value (in dollars per share) $ 0.0001    
Common Class A | IPO      
Class of Stock      
Number of shares issued (in shares)   19,900,000  
Purchase price per share (in dollars per share)   $ 31.00  
Common Class B      
Class of Stock      
Common stock, shares authorized (in shares) 500,000,000.0 500,000,000.0 0
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001 $ 0.0001
Common stock, shares, issued (in shares)   19,600,000 0
Common Class B | Co-Founder      
Class of Stock      
Conversion of stock, shares issued 19,600,000    
Common Class C      
Class of Stock      
Common stock, shares authorized (in shares)   500,000,000.0 0
Common stock, par or stated value per share (in dollars per share) $ 0.0001    
Common stock, shares, issued (in shares) 500,000,000.0 0 0
v3.25.2
Stockholders' equity - Number of Common Shares Reserved (Details) - shares
shares in Thousands
Jun. 30, 2025
Dec. 31, 2024
Class of Stock    
Common stock reserved for future issuance 70,638 192,653
Common stock issuable under stock award plan    
Class of Stock    
Common stock reserved for future issuance 37,518 42,694
Common stock available for future issuance under stock award plan    
Class of Stock    
Common stock reserved for future issuance 31,105 9,649
Common stock issuable in connection with business combinations    
Class of Stock    
Common stock reserved for future issuance 2,015 548
Conversion of Series A redeemable convertible preferred stock    
Class of Stock    
Common stock reserved for future issuance 0 33,621
Conversion of Series B redeemable convertible preferred stock    
Class of Stock    
Common stock reserved for future issuance 0 17,586
Conversion of Series C redeemable convertible preferred stock    
Class of Stock    
Common stock reserved for future issuance 0 18,445
Conversion of Series D redeemable convertible preferred stock    
Class of Stock    
Common stock reserved for future issuance 0 23,203
Conversion of Series E redeemable convertible preferred stock    
Class of Stock    
Common stock reserved for future issuance 0 37,391
Conversion of Series F redeemable convertible preferred stock    
Class of Stock    
Common stock reserved for future issuance 0 9,516
v3.25.2
Stockholders' equity - Warrants (Details)
$ / shares in Units, $ in Thousands, shares in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Apr. 30, 2023
USD ($)
$ / shares
shares
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Aug. 31, 2023
USD ($)
$ / shares
shares
Class of Stock              
Warrant liability $ 1,591   $ 0   $ 0    
Cumulative expired warrants (shares)     3,400   3,400    
Marketing expenses     7,910 $ 5,638 11,770 $ 6,456  
April 2023 Warrants | Common Class A              
Class of Stock              
Warrants issued to purchase shares (in shares) | shares   4.5          
Warrants exercise price (in dollars per share) | $ / shares   $ 42.14          
Warrants term (in years)   10 years          
Award requisite service period (in years)   2 years          
Warrant performance condition period (in years)   5 years          
Warrant liability   $ 80,100          
Marketing expenses     0   0    
April 2023 Warrants | Common Class A | Measurement Input, Expected Dividend Rate              
Class of Stock              
Warrants and rights outstanding, measurement input (as a percent)   0          
April 2023 Warrants | Common Class A | Volatility              
Class of Stock              
Warrants and rights outstanding, measurement input (as a percent)   0.44          
April 2023 Warrants | Common Class A | Risk-free rate              
Class of Stock              
Warrants and rights outstanding, measurement input (as a percent)   0.0345          
August 2023 Warrants | Common Class A              
Class of Stock              
Warrants issued to purchase shares (in shares) | shares             3.6
Warrants exercise price (in dollars per share) | $ / shares             $ 25.09
Warrants term (in years)             5 years
Warrant liability             $ 43,900
Marketing expenses     0   0    
August 2023 Warrants | Common Class A | Measurement Input, Expected Dividend Rate              
Class of Stock              
Warrants and rights outstanding, measurement input (as a percent)             0
August 2023 Warrants | Common Class A | Volatility              
Class of Stock              
Warrants and rights outstanding, measurement input (as a percent)             0.51
August 2023 Warrants | Common Class A | Risk-free rate              
Class of Stock              
Warrants and rights outstanding, measurement input (as a percent)             0.0438
December 2024 Warrants | Common Class A              
Class of Stock              
Warrants issued to purchase shares (in shares) | shares 2.9            
Warrants exercise price (in dollars per share) | $ / shares $ 22.71            
Warrants term (in years) 6 years            
Warrant performance condition period (in years) 3 years            
Warrant liability $ 56,100            
Distribution and transaction costs for warrants     $ 4,600   $ 5,600    
December 2024 Warrants | Common Class A | Measurement Input, Expected Dividend Rate              
Class of Stock              
Warrants and rights outstanding, measurement input (as a percent) 0            
December 2024 Warrants | Common Class A | Volatility              
Class of Stock              
Warrants and rights outstanding, measurement input (as a percent) 0.53            
December 2024 Warrants | Common Class A | Risk-free rate              
Class of Stock              
Warrants and rights outstanding, measurement input (as a percent) 0.0443            
v3.25.2
Stockholders' equity - Donations to Circle Foundation (Details) - Common Class A
 1 Months Ended
Mar. 31, 2025
shares
Class of Stock  
Shares approved for reservation (shares) 2,682,392
Shares approved for reservation as a percentage of capital stock (percent) 1.00%
Share approved for reservation exercise period (years) 10 years
v3.25.2
Redeemable convertible preferred stock - Narrative (Details)
$ in Billions
 1 Months Ended
Jun. 30, 2025
USD ($)
Common Class A  
Class of Stock  
Carrying value of shares converted $ 1.1
v3.25.2
Redeemable convertible preferred stock - Schedule of Preferred Stocks (Details) - $ / shares
shares in Thousands
Jun. 30, 2025
May 09, 2022
May 17, 2016
Apr. 10, 2015
Feb. 26, 2014
Aug. 22, 2013
Conversion of Series A redeemable convertible preferred stock            
Class of Stock            
Issue price (in dollars per share)           $ 0.27
Conversion price (in dollars per share) $ 0.27          
Preferred stock, liquidation preference (in dollars per share) $ 0.27          
Preferred stock, shares issued (in shares) 33,621          
Conversion of Series B redeemable convertible preferred stock            
Class of Stock            
Issue price (in dollars per share)         $ 0.97  
Conversion price (in dollars per share) $ 0.97          
Preferred stock, liquidation preference (in dollars per share) $ 0.97          
Preferred stock, shares issued (in shares) 17,586          
Conversion of Series C redeemable convertible preferred stock            
Class of Stock            
Issue price (in dollars per share)       $ 2.17    
Conversion price (in dollars per share) $ 2.17          
Preferred stock, liquidation preference (in dollars per share) $ 2.17          
Preferred stock, shares issued (in shares) 18,445          
Conversion of Series D redeemable convertible preferred stock            
Class of Stock            
Issue price (in dollars per share)     $ 2.76      
Conversion price (in dollars per share) $ 2.76          
Preferred stock, liquidation preference (in dollars per share) $ 2.76          
Preferred stock, shares issued (in shares) 23,203          
Conversion of Series E redeemable convertible preferred stock            
Class of Stock            
Issue price (in dollars per share) $ 16.23          
Conversion price (in dollars per share) 16.23          
Preferred stock, liquidation preference (in dollars per share) $ 16.23          
Preferred stock, shares issued (in shares) 37,391          
Conversion of Series F redeemable convertible preferred stock            
Class of Stock            
Issue price (in dollars per share)   $ 42.14        
Conversion price (in dollars per share) $ 42.14          
Preferred stock, liquidation preference (in dollars per share) $ 42.14          
Preferred stock, shares issued (in shares) 9,516          
v3.25.2
Stock-based compensation - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 06, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Stock-based compensation   $ 435,000 $ 16,700 $ 447,682 $ 26,229
Capitalized stock-based compensation expense related to internally developed software $ 62,700 65,600 3,500 68,300 6,900
Share-based payment arrangement, expense $ 423,800        
Stock Options          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Unrecognized stock-based compensation cost related to outstanding   13,900   $ 13,900  
Weighted-average period of recognition (in years)       1 year 6 months  
Stock Options | Minimum          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Vesting period (in months)       12 months  
Stock Options | Maximum          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Vesting period (in months)       48 months  
Restricted Stock Units          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Unrecognized stock-based compensation cost related to outstanding   309,900   $ 309,900  
Weighted-average period of recognition (in years)       3 years 2 months 12 days  
Employee Stock Option          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Expiration period of stock options granted (in years)       10 years  
Awards Associated With Business Combinations          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Stock-based compensation   8,200 $ 9,800 $ 15,300 $ 20,200
Unrecognized stock-based compensation cost related to outstanding   $ 48,100   $ 48,100  
Weighted-average period of recognition (in years)       2 years 3 months 18 days  
v3.25.2
Stock-based compensation - Summary of Outstanding Stock Options Activities (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Summary of Outstanding Stock Options Activities      
Options outstanding at December 31, 2024 (in shares) 22,751 22,751  
Options exercised (in shares)   (1,955)  
Options forfeited (in shares)   (93)  
Options outstanding at June 30, 2025 (in shares)   20,703  
Options exercisable at June 30, 2025 (in shares)   19,630  
Options exercisable, Weighted average exercise price at June 30, 2025 (in dollars per share)   $ 7.84  
Weighted Average Exercise Price      
Options outstanding, Weighted average exercise price at December 31, 2024 (in dollars per share) $ 8.48 8.48  
Options exercised, Weighted average exercise price (in dollars per share)   3.48  
Options forfeited, Weighted average exercise price (in dollars per share)   20.62  
Options outstanding, Weighted average exercise price at June 30, 2025 (in dollars per share)   $ 8.90  
Weighted Average Remaining Contractual Term (in years)      
Options outstanding, Weighted average remaining contractual term (in years) 5 years 6 months 4 years 7 months 6 days  
Options exercisable, Weighted average remaining contractual term (in years)   4 years 6 months  
Aggregate Intrinsic Value (in thousands)      
Options outstanding, Aggregate intrinsic value (in USD)   $ 3,568,967 $ 522,900
Options exercisable, Aggregate intrinsic value (in USD)   $ 3,404,931  
v3.25.2
Stock-based compensation - Summary of Outstanding Unvested Stock Options Activities (Details)
shares in Thousands
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Summary of Outstanding Unvested Stock Options Activities  
Unvested Options outstanding at December 31, 2024 (in shares) | shares 2,115
Options vested (in shares) | shares (1,035)
Options forfeited (in shares) | shares (8)
Unvested Options outstanding at June 30, 2025 (in shares) | shares 1,072
Weighted Average Exercise Price  
Unvested Options outstanding, Weighted average exercise price at December 31, 2024 (in dollars per share) | $ / shares $ 23.81
Options vested, Weighted average exercise price (in dollars per share) | $ / shares 19.20
Options forfeited, Weighted average exercise price (in dollars per share) | $ / shares 17.06
Unvested Options outstanding, Weighted average exercise price at June 30, 2025 (in dollars per share) | $ / shares $ 28.30
v3.25.2
Stock-based compensation - Summary of Restricted Stock Units Activities (Details) - Restricted Stock Units
shares in Thousands
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Summary of Restricted Stock Units Activities  
Outstanding at December 31, 2024 (in shares) | shares 19,943
RSUs granted (in shares) | shares 7,129
RSUs vested (in shares) | shares (9,543)
RSUs forfeited (in shares) | shares (714)
Outstanding at June 30, 2025 (in shares) | shares 16,815
Weighted- Average Grant Date Fair Value  
Outstanding, Weighted average grant date fair value at December 31, 2024 (in dollars per share) | $ / shares $ 30.85
RSUs granted, Weighted average grant date fair value (in dollars per share) | $ / shares 31.13
RSUs vested, Weighted average grant date fair value (in dollars per share) | $ / shares 33.37
RSUs forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares 29.67
Outstanding, Weighted average grant date fair value at June 30, 2025 (in dollars per share) | $ / shares $ 29.58
v3.25.2
Stock-based compensation - Summary of Shares Issued for Business Combinations Activities (Details) - Business Combinations
shares in Thousands
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Summary of Shares Issued for Business Combinations Activities  
Outstanding at December 31, 2024 (in shares) | shares 548
Shares issued (in shares) | shares 1,473
Shares forfeited (in shares) | shares (6)
Outstanding at June 30, 2025 (in shares) | shares 2,015
Weighted- Average Grant Date Fair Value  
Outstanding, Weighted average grant date fair value at December 31, 2024 (in dollars per share) | $ / shares $ 47.82
Shares issued, Weighted average grant date fair value (in dollars per share) | $ / shares 31.16
Shares forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares 47.82
Outstanding, Weighted average grant date fair value at June 30, 2025 (in dollars per share) | $ / shares $ 35.64
v3.25.2
Earnings (loss) per share - Schedule of Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]            
Net income (loss) $ (482,100) $ 64,791 $ 32,923 $ 48,639 $ (417,309) $ 81,562
Less: Dividend preference on preferred shares 0   (32,923)   0 (81,562)
Net income (loss) available to common stockholders - basic     0     0
Less: Changes in fair value of convertible debt and warrant liability 0   0   0 (1,053)
Less: Dividend preference on preferred shares 0   (32,923)   0 (80,509)
Net income (loss) available to common stockholders - diluted $ (482,100)   $ 0   $ (417,309) $ 0
Weighted-average common shares – basic (in shares) 107,514   54,396   82,877 54,186
Add: Weighted-average effect of dilutive securities (in shares) 0   16,020   0 18,790
Weighted-average common shares – diluted (in shares) 107,514   70,416   82,877 72,976
Earnings (loss) per common share, basic (in dollars per share) $ (4.48)   $ 0.00   $ (5.04) $ 0.00
Earnings (loss) per common share, diluted (in dollars per share) $ (4.48)   $ 0.00   $ (5.04) $ 0.00
v3.25.2
Earnings (loss) per share - Schedule of Potentially Dilutive Securities (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Total 40,746 142,721 40,746 139,569
Redeemable convertible preferred stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Total 0 139,237 0 139,237
Stock options and RSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Total 37,518 0 37,518 0
Common stock in connection with business combinations        
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Total 2,103 332 2,103 332
Convertible debt, net of debt discount        
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Total 1,125 1,617 1,125 0
Warrants        
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Total 0 1,535 0 0
v3.25.2
Accumulated other comprehensive income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance $ 744,976 $ 408,163 $ 570,529 $ 339,471
Pre-tax change – Foreign currency translation adjustment 9,984 (378) 11,793 (608)
Pre-tax change – Unrealized (loss) gain on convertible notes – credit risk adjustment 13 (273) (78) 91
Unrealized gain (loss) on available-for-sale debt securities, net of tax 0 (55) 0 (233)
Tax effect     7 0
Total stockholders’ equity 2,370,831 460,859 2,370,831 460,859
Accumulated other comprehensive income (loss)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 5,369 4,885 3,644 4,929
Total stockholders’ equity $ 15,366 $ 4,179 $ 15,366 $ 4,179
v3.25.2
Prepaid expenses and other current assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Reserve income receivable $ 187,897 $ 138,889
Prepaid expenses 19,027 15,602
Deferred offering costs 0 4,235
Digital financial assets 532 14,328
Income tax receivable 1,567 8,507
Other 7,581 5,967
Prepaid expenses and other current assets $ 216,604 $ 187,528
v3.25.2
Accounts payable and accrued expenses (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accrued distribution costs $ 107,925 $ 83,318
Stablecoin redemptions in transit 194,026 118,074
Accrued expenses 66,827 70,314
Accounts payable 28,522 5,505
Income taxes payable 3,850 678
Other payables 10,410 9,118
Total accounts payable and accrued expenses $ 411,560 $ 287,007