v3.26.3
Fair value measurements (Tables)
 9 Months Ended
Sep. 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)September 30, 2026December 31, 2025
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Assets
Cash equivalents(1)
$65,673,263 $— $— $67,483,506 $— $— 
Digital assets(2)
133,355 — — 86,515 — — 
Digital financial assets
524 — — 542 — — 
Investments - derivatives and embedded derivatives(3)(4)
— 3,039 — — 1,372 — 
Accounts receivable, net - embedded derivatives(5)
— — — — 19,942 — 
Total assets$65,807,142 $3,039 $— $67,570,563 $21,314 $— 
Liabilities
Convertible debt, net of debt discount$— $— $— $— $— $36,821 
Total liabilities$— $— $— $— $— $36,821 
(1) Includes $62.5 billion and $66.3 billion of Circle Reserve Fund as of September 30, 2026 and December 31, 2025, respectively, and $2.1 billion and nil of U.S. Treasury securities as of September 30, 2026 and December 31, 2025, respectively.
(2) Includes cirBTC of $3.3 million and nil as of September 30, 2026 and December 31, 2025, respectively, which are included in Prepaid expenses and other current assets on the unaudited Condensed Consolidated Balance Sheets.
(3) The fair value measurement is based on the quoted market price of the underlying digital asset.
(4) Excluded the host contract balance of $1.7 million and $1.2 million as of September 30, 2026 and December 31, 2025, respectively.
(5) Excluded the host contract balance of nil and $4.0 million as of September 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 10.2. Changes in Carrying Value of Convertible Debt
Balance as of December 31, 2025$36,821 
Net discount on convertible notes — 
Capitalized interest — 
Fair value adjustment 2,558 
Fair value adjustment  –  credit risk — 
Conversion of convertible notes
(39,379)
Balance as of September 30, 2026$— 
Balance as of December 31, 2024$40,717 
Net discount on convertible notes 642 
Capitalized interest 334 
Fair value adjustment 107,338 
Fair value adjustment  –  credit risk 63 
Balance as of September 30, 2025$149,094 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following significant unobservable inputs were used in the valuation:
Table 10.3. Significant Unobservable Inputs
September 30, 2026December 31, 2025
Discount rate N/A8.0 %
Volatility N/A44.8 %
Risk-free rate N/A3.7 %