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FY2025
12 months to Dec 31, 2025
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|---|---|
| Cash flows from operating activities | |
| Net income (loss) | |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |
| Depreciation and amortization expense | |
| Accretion of premium on available-for-sale debt securities | |
| Realized and unrealized losses (gains) on digital assets | |
| Change in fair value of convertible debt, warrant liability, and embedded derivatives | |
| Digital assets received for services | |
| Equity securities received for services | |
| Deferred taxes | |
| Realized and unrealized losses (gains) on available-for-sale debt securities and strategic investments | |
| (Gains) losses on sale of long-lived assets | |
| Foreign currency remeasurement losses (gains) | |
| Stock-based compensation | |
| Provision for warrants in common stock | |
| Charitable contributions to Circle Foundation | |
| Other non-cash items | |
| Changes in operating assets and liabilities: | |
| Accounts receivable | |
| Prepaid expenses and other current assets | |
| Accounts payable and accrued expenses | |
| Other current liabilities | |
| Net cash provided by operating activities | |
| Cash flows from investing activities | |
| Purchase of available-for-sale debt securities | |
| Sale and maturities of available-for-sale securities | |
| Cash acquired from acquisition of equity method affiliate | |
| Sale and return of investments | |
| Purchase of investments | |
| Business combinations, net of cash acquired | |
| Proceeds from sale of digital assets | |
| Capitalization of software development costs | |
| Purchase of long-lived assets | |
| Net cash (used in) provided by investing activities | |
| Cash flows from financing activities | |
| Net changes in deposits held for stablecoin holders | |
| Purchase of treasury stock | |
| Proceeds from issuance of common stock in connection with initial public offering and follow-on public offering, net of underwriting discounts and commissions and offering costs | |
| Payment of withholding taxes on settlement of restricted stock units | |
| Capital contribution from noncontrolling interest | |
| Capitalized transaction costs | |
| Proceeds from exercise of stock options | |
| Net cash provided by (used in) financing activities | |
| Effect of exchange rate changes on cash and cash equivalents, restricted and segregated cash | |
| Unrealized gains (losses) on available-for-sale debt securities classified as cash equivalents, net of tax | |
| Net increase (decrease) in cash and cash equivalents, restricted and segregated cash | |
| Cash and cash equivalents, restricted and segregated cash at the beginning of the period | |
| Cash and cash equivalents, restricted and segregated cash at the end of the period | |
| Supplemental disclosure of cash flow information | |
| U.S. Federal | |
| U.S. State and local | |
| New York | |
| New York City | |
| Other States | |
| Foreign - Other jurisdictions | |
| Total cash paid for income taxes | |
| Cash paid for interest | |
| Supplemental schedule of non-cash activities | |
| Obligations to return digital asset collateral | |
| Digital assets collateral received | |
| Net changes in the purchase and redemption of digital financial assets | |
| Proceeds from sale of intangible assets | |
| Net changes in stablecoins receivable | |
| Non-cash purchase of investments and digital assets | |
| Re-issuance of treasury stock to Circle Foundation | |
| Conversion of convertible debt | |
| Capitalized stock-based compensation expense related to internally developed software | |
| Purchases of long-lived assets included in accounts payable and accrued expenses | |
| Unrealized gain (loss) on available-for-sale debt securities | |
| Unrealized (loss) gain on convertible notes - credit risk, net of tax | |
| Non-cash consideration for acquisitions | |
| Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering | |
| Cash and cash equivalents, restricted and segregated cash consisted of the following: | |
| Cash and cash equivalents | |
| Restricted cash | |
| Cash and cash equivalents segregated for corporate-held stablecoins | |
| Cash and cash equivalents segregated for the benefit of stablecoin holders |
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