v3.26.1
Fair value measurements (Tables)
 6 Months Ended
Jun. 30, 2026
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, 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)June 30, 2026December 31, 2025
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Assets
Cash equivalents(1)
$63,402,001 $— $— $67,483,506 $— $— 
Digital assets106,539 — — 86,515 — — 
Digital financial assets
1,363 — — 542 — — 
Investments - derivatives and embedded derivatives(2)(3)
— 622 — — 1,372 — 
Accounts receivable, net - embedded derivatives(4)
— 17,476 — — 19,942 — 
Total assets$63,509,903 $18,098 $— $67,570,563 $21,314 $— 
Liabilities
Convertible debt, net of debt discount$— $— $— $— $— $36,821 
Total liabilities$— $— $— $— $— $36,821 
(1) Included $61.9 billion and $66.3 billion of Circle Reserve Fund as of June 30, 2026 and December 31, 2025, respectively, and $150.8 million and nil of U.S. Treasury securities as of June 30, 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 $3.4 million and $1.2 million as of June 30, 2026 and December 31, 2025, respectively.
(4) Excluded the host contract balance of $6.7 million and $4.0 million as of June 30, 2026 and December 31, 2025, respectively.
Schedule of Roll-Forward of Fair Value for the Company’s Warrant Liabilities 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$36,821 
Net discount on convertible notes — 
Capitalized interest — 
Fair value adjustment 2,558 
Fair value adjustment  –  credit risk — 
Conversion of convertible notes
(39,379)
Balance as of June 30, 2026$— 
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 
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, 2026December 31, 2025
Discount rate — %8.0 %
Volatility — %44.8 %
Risk-free rate — %3.7 %