v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 55,246 $ 64,791
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 26,767 13,880
Realized and unrealized losses (gains) on digital assets 9,796 14,376
Change in fair value of convertible debt, warrant liability, and embedded derivatives 4,136 2,382
Digital assets received for services (7,234) (4,500)
Equity securities received for services (29) 0
Deferred taxes 651 (1,250)
Realized and unrealized losses (gains) on strategic investments (5,364) 156
Losses on sale of long-lived assets 0 12
Stock-based compensation 51,836 12,716
Charitable contributions to Circle Foundation 7,737 0
Foreign currency remeasurement (gains) losses (5,394) 900
Provision for warrants in common stock 4,659 1,064
Other non-cash items 2,572 1,129
Changes in operating assets and liabilities:    
Accounts receivable (12,602) (5,353)
Prepaid expenses and other current assets (4,645) (47,792)
Accounts payable and accrued expenses (101,447) 6,421
Other current liabilities (5,609) (2,339)
Net cash provided by operating activities 21,076 56,593
Cash flows from investing activities    
Sale and return of investments 556 13
Purchase of investments (10,785) (338)
Business combinations, net of cash acquired 0 (7,440)
Proceeds from sale of digital assets 0 79
Capitalization of software development costs (15,603) (11,675)
Purchase of long-lived assets (9,356) (5,864)
Net cash used in investing activities (35,188) (25,225)
Cash flows from financing activities    
Net changes in deposits held for stablecoin holders 1,856,322 16,263,409
Payment of withholding taxes on settlement of restricted stock units (80,151) 0
Proceeds received from Employee Stock Purchase Plan 1,045 0
Payment of deferred offering costs (365) 0
Capitalized transaction costs 0 (952)
Proceeds from exercise of stock options 14,412 642
Net cash provided by financing activities 1,791,263 16,263,099
Effect of exchange rate changes on cash and cash equivalents, restricted and segregated cash 9,523 6,582
Net increase in cash and cash equivalents, restricted and segregated cash 1,786,674 16,301,049
Cash and cash equivalents, restricted and segregated cash at the beginning of the period 77,419,733 44,967,604
Cash and cash equivalents, restricted and segregated cash at the end of the period 79,206,407 61,268,653
Cash and cash equivalents, restricted and segregated cash consisted of the following:    
Cash and cash equivalents 1,517,264 848,606
Restricted cash 2,800 3,584
Cash and cash equivalents segregated for corporate-held stablecoins 792,662 274,539
Cash and cash equivalents segregated for the benefit of stablecoin holders 76,893,681 60,141,924
Total cash and cash equivalents, restricted and segregated cash 79,206,407 61,268,653
Supplemental disclosure of cash flow information    
Cash paid for income taxes 1,282 775
Cash paid for interest 216 180
Supplemental schedule of non-cash activities    
Capitalized stock-based compensation expense related to internally developed software 9,443 2,737
Purchases of long-lived assets included in accounts payable and accrued expenses (365) 0
Non-cash purchase of long-lived assets (200) 0
Non-cash purchase of investments and digital assets (700) (150)
Conversion of convertible debt 39,382 0
Re-issuance of treasury stock to Circle Foundation 7,737 0
Net changes in stablecoins receivable 0 7,000
Net changes in the purchase and redemption of digital financial assets 706 (12,162)
Non-cash consideration for acquisitions (1,150) (89,919)
Unrealized (loss) gain on convertible notes - credit risk, net of tax $ 0 $ (84)