v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income (loss) from continuing operations $ 103,460 $ (417,309)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities    
Depreciation and amortization expense 56,663 28,089
Realized and unrealized losses (gains) on digital assets 6,375 7,189
Change in fair value of convertible debt, warrant liability, and embedded derivatives 6,716 170,106
Digital assets received for services (15,960) (9,416)
Equity securities received for services (10) (3,826)
Deferred taxes 705 (5,751)
Realized and unrealized losses (gains) on strategic investments (6,226) 1,416
Losses on sale of long-lived assets 0 16
Stock-based compensation 105,435 447,682
Charitable contributions to Circle Foundation 13,148 0
Foreign currency remeasurement (gains) losses (7,140) 8,763
Provision for warrants in common stock 9,161 5,565
Other non-cash items 3,614 2,290
Changes in operating assets and liabilities:    
Accounts receivable, net (24,482) (8,635)
Prepaid expenses and other current assets 39,008 (42,104)
Accounts payable and accrued expenses 31,923 123,981
Other current liabilities 216,115 (4,340)
Net cash provided by operating activities 538,505 303,716
Cash flows from investing activities    
Sale and return of investments 679 194
Purchase of investments (11,735) (6,370)
Business combinations, net of cash acquired 0 (7,734)
Proceeds from sale of digital assets 0 79
Capitalization of software development costs (35,764) (24,858)
Purchase of long-lived assets (10,389) (7,419)
Net cash used in investing activities (57,209) (46,108)
Cash flows from financing activities    
Net changes in deposits held for stablecoin holders (2,011,494) 17,339,497
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs 0 572,558
Payment of withholding taxes on settlement of restricted stock units (149,496) (121,794)
Proceeds received from Employee Stock Purchase Plan 4,487 0
Payment of deferred offering costs (365) 0
Proceeds from exercise of stock options 41,628 6,800
Net cash (used in) provided by financing activities (2,115,240) 17,797,061
Effect of exchange rate changes on cash and cash equivalents, restricted and segregated cash 7,626 53,247
Net (decrease) increase in cash and cash equivalents, restricted and segregated cash (1,626,318) 18,107,916
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 75,793,415 63,075,520
Cash and cash equivalents, restricted and segregated cash consisted of the following:    
Cash and cash equivalents 1,730,126 1,118,119
Restricted cash 12,806 3,210
Cash and cash equivalents segregated for corporate-held stablecoins 889,311 588,271
Cash and cash equivalents segregated for the benefit of stablecoin holders 73,161,172 61,365,920
Total cash and cash equivalents, restricted and segregated cash 75,793,415 63,075,520
Supplemental disclosure of cash flow information    
Cash paid for income taxes, net of refunds (10,762) 13,525
Cash paid for interest 216 180
Supplemental schedule of non-cash activities    
Capitalized stock-based compensation expense related to internally developed software 23,211 68,348
Purchases of long-lived assets included in accounts payable and accrued expenses (20,000) (1,270)
Non-cash purchase of long-lived assets (200) 0
Non-cash purchase of investments and digital assets (21,854) (379)
Non-cash proceeds from sale of digital assets 2,851 0
Conversion of convertible debt 39,382 0
Re-issuance of treasury stock to Circle Foundation 13,148 0
Net changes in stablecoins receivable 0 7,000
Net changes in the purchase and redemption of digital financial assets 821 (13,820)
Non-cash consideration for acquisitions (1,150) (89,919)
Unrealized (loss) gain on convertible notes - credit risk, net of tax 0 (71)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering 0 1,140,502
Deferred offering costs not yet paid $ 0 $ 2,794