Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis. The carrying amounts of certain financial instruments, including cash, accounts receivable, prepaid expenses and other current assets, and accounts payable and accrued expenses approximate their fair values due to their short-term nature.


Table 10.1. Fair Value Hierarchy
(in thousands)	March 31, 2026						December 31, 2025
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash equivalents(1)	$	67,596,121	$	—	$	—	$	67,483,506	$	—	$	—
Digital assets	84,217		—		—		86,515		—		—
Digital financial assets	1,248		—		—		542		—		—
Investments - derivatives and embedded derivatives(2)(3)	—		622		—		—		1,372		—
Accounts receivable, net - embedded derivatives(4)	—		19,174		—		—		19,942		—
Total assets	$	67,681,586	$	19,796	$	—	$	67,570,563	$	21,314	$	—
Liabilities
Convertible debt, net of debt discount	$	—	$	—	$	—	$	—	$	—	$	36,821

Total liabilities	$	—	$	—	$	—	$	—	$	—	$	36,821

(1) Included $66.5 billion and $66.3 billion of Circle Reserve Fund as of March 31, 2026 and December 31, 2025, respectively, and $10.1 million and nil of U.S. Treasury securities as of March 31, 2026 and December 31, 2025, respectively.

(2) The fair value measurement is based on the quoted market price of the underlying digital asset.

(3) Excluded the host contract balance of $1.4 million and $1.2 million as of March 31, 2026 and December 31, 2025, respectively.

(4) Excluded the host contract balance of $4.0 million as of March 31, 2026 and December 31, 2025 .

Schedule of Roll-Forward of Fair Value for the Company’s Warrant Liabilities

The changes in carrying value of warrant liability is reflected in the following table (in thousands):


Table 10.2. Changes in Carrying Value of Warrant Liability
Balance as of December 31, 2024	$	1,591
Warrants exercised	(1,591)
Balance as of March 31, 2025	$	—

The changes in carrying value of convertible debt, net of debt discount are reflected in the following tables (in thousands):


Table 10.3. Changes in Carrying Value of Convertible Debt
Balance as of December 31, 2025	$	36,821
Net discount on convertible notes	—
Capitalized interest	—
Fair value adjustment	2,558
Fair value adjustment – credit risk	—
Conversion of convertible notes	(39,379)
Balance as of March 31, 2026	$	—


Balance as of December 31, 2024	$	40,717
Net discount on convertible notes	206
Capitalized interest	334
Fair value adjustment	(3,934)
Fair value adjustment – credit risk	91
Balance as of March 31, 2025	$	37,414

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following significant unobservable inputs were used in the valuation:


Table 10.4. Significant Unobservable Inputs
	March 31, 2026		December 31, 2025
Discount rate	—	%	8.0	%
Volatility	—	%	44.8	%
Risk-free rate	—	%	3.7	%