v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income (loss) from continuing operations $ 329,472 $ (202,924)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities    
Depreciation and amortization expenses 90,832 51,091
Realized and unrealized (gains) losses on digital assets (15,552) 2,002
Change in fair value of convertible debt, warrant liability, and embedded derivatives 22,400 113,894
Digital assets received for services (21,935) (13,695)
Equity securities received for services (29) (3,287)
Deferred taxes 1,587 (2,474)
Realized and unrealized (gains) losses on strategic investments (5,003) 3,167
Losses on sale of long-lived assets 0 21
Stock-based compensation 148,527 506,763
Charitable contributions to Circle Foundation 17,777 0
Foreign currency remeasurement (gains) losses (8,501) 8,026
Provision for warrants in common stock 13,664 13,796
Other non-cash items 6,160 3,480
Changes in operating assets and liabilities:    
Accounts receivable, net (26,762) (19,225)
Prepaid expenses and other current assets (8,912) (145,170)
Accounts payable and accrued expenses (72,191) (12,950)
Other current liabilities 51,444 (9,481)
Net cash provided by operating activities 522,978 293,034
Cash flows from investing activities    
Sale and return of investments 743 885
Purchase of investments (13,311) (7,695)
Business combinations, net of cash acquired 0 (7,734)
Proceeds from sale of digital assets 0 79
Capitalization of internally developed software (57,535) (40,504)
Purchase of long-lived assets (30,435) (11,481)
Net cash used in investing activities (100,538) (66,450)
Cash flows from financing activities    
Net changes in deposits held for stablecoin holders (1,408,874) 29,498,718
Proceeds from issuance of common stock in connection with initial public offering and follow-on public offering, net of underwriting discounts and commissions and offering costs 0 1,013,643
Payment of withholding taxes on settlement of restricted stock units (197,950) (213,882)
Proceeds received from Employee Stock Purchase Plan 7,699 0
Payment of deferred offering costs (365) 0
Proceeds from exercise of stock options 45,717 16,311
Net cash (used in) provided by financing activities (1,553,773) 30,314,790
Effect of exchange rate changes on cash and cash equivalents, restricted and segregated cash 5,683 53,131
Net (decrease) increase in cash and cash equivalents, restricted and segregated cash (1,125,650) 30,594,505
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 76,294,083 75,562,109
Cash and cash equivalents, restricted and segregated cash consisted of the following:    
Cash and cash equivalents 1,699,951 1,348,901
Restricted cash 2,814 3,222
Cash and cash equivalents segregated for corporate-held stablecoins 1,016,461 837,143
Cash and cash equivalents segregated for the benefit of stablecoin holders 73,574,857 73,372,843
Total cash and cash equivalents, restricted and segregated cash 76,294,083 75,562,109
Supplemental disclosure of cash flow information    
Cash paid for income taxes, net of refunds (10,728) 13,843
Cash paid for interest 216 180
Supplemental schedule of non-cash activities    
Capitalized stock-based compensation expense related to internally developed software 33,820 77,581
Purchases of long-lived assets included in accounts payable and accrued expenses 0 (1,927)
USDC purchase of long-lived assets (200) 0
USDC purchase of investments and digital assets (42,112) (4,952)
USDC proceeds from sale of investments and digital assets 5,326 100
USDC proceeds from issuance of common stock in connection with private placement 100,000 0
Conversion of convertible debt 39,382 0
Re-issuance of treasury stock to Circle Foundation 17,777 0
Net changes in stablecoins receivable 5,540 6,000
Net changes in the purchase and redemption of digital financial assets (18) (13,815)
Non-cash consideration for acquisitions (5,350) (89,919)
Unrealized (loss) gain on convertible notes - credit risk, net of tax 0 (56)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering 0 1,140,502
Right-of-use assets obtained in exchange for operating lease liabilities $ 4,175 $ 0