Circle Internet Group Inc (CRCL)

Circle Receives Final OCC Approval to Establish National Trust BankJuly 10, 2026 6:00 AM
Business Wire Milestone enables institutional custody services Circle Internet Group, Inc. (NYSE: CRCL), one of the world’s leading internet financial platform companies, today announced that it has received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A., a national trust bank. The bank will operate under the name Circle National Trust. OCC approval of a national trust bank charter represents a major U.S. regulatory milestone and strengthens the infrastructure of USDC1 – the world’s largest regulated stablecoin – through federally-regulated custody, with reserve management planned as a future capability. It places Circle National Trust under direct federal oversight by the OCC, the primary regulator for national banks and national trust banks. As a federally regulated national trust bank, Circle National Trust aligns digital asset infrastructure with the longstanding role of national trust banks in safeguarding client assets under strict fiduciary standards. This brings USDC infrastructure into a proven federal banking framework designed to ensure safety, soundness, and transparency. Upon opening, Circle National Trust will offer fiduciary digital asset custody services for Circle and its affiliates. As per its business plan, which was approved by the OCC, "depending on demand, FNDCB may eventually offer its digital asset custody service to a limited number of institutional customers directly, focusing on banks and other financial institutions, such as regulated derivatives organizations." The charter is also designed to enable future capabilities, including management of the USDC Reserve, which would bring those operations under federal regulatory oversight and further enhance the safety, transparency, and trust of USDC. “OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system,” said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. “Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure and unlocks a new phase of adoption, where leading financial institutions can build on public blockchains with clarity and confidence.” As an OCC-chartered national trust bank, Circle National Trust advances USDC’s role as trusted, federally regulated digital dollar infrastructure for payments, settlement, and capital markets activity, supporting the role of the U.S. dollar in an increasingly digital global economy. Circle submitted its application to the OCC on June 30, 2025 and received a conditional approval in December, 2025, building on its long-standing commitment to regulatory engagement. In 2015, Circle became the first company to receive a BitLicense from the New York Department of Financial Services and remains engaged with the leading U.S. state digital asset regulator. In 2024, Circle became the first global stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets framework. Circle also holds licenses in the UK, Singapore, and Bermuda, and has met Canadian Value-Referenced Crypto Asset requirements. In 2025, Circle secured a license from Abu Dhabi Global Market’s Financial Services Regulatory Authority. ABOUT CIRCLE Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through digital assets, payment applications, and programmable blockchain infrastructure. Circle’s platform includes the world’s largest regulated stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation. Learn more at circle.com. 1 USDC is issued by regulated affiliates of Circle. A list of Circle’s regulatory authorizations can be found here. View source version on businesswire.com: https://www.businesswire.com/news/home/20260710400969/en/ Media Contacts: press@circle.com Original: Circle Receives Final OCC Approval to Establish National Trust Bank

As Institutions Warm to Bitcoin, a Zero-Fee Bitcoin Banking App Says Its Verified User Base More Than TripledJuly 7, 2026 10:00 AM
PR Newswire (US) Issued on behalf of Rhino Bitcoin Inc.Rhino Bitcoin Inc. (OTC: RHNO) reported that new KYC-verified users more than tripled since the start of the second quarter, a surge the company says is driving higher transaction volume as it rolls out promotions, a creator program, and a national brand campaign.American News Group News CommentaryMIAMI, July 7, 2026 /PRNewswire/ -- Bitcoin's march from fringe curiosity to institutional asset class has been one of the defining financial stories of the decade, and the infrastructure built to let ordinary people hold it is racing to keep pace. Against that backdrop, Rhino Bitcoin Inc. (OTC: RHNO), an all-in-one Bitcoin banking app, announced strong user growth, reporting that new KYC-verified users have more than tripled since the start of the second quarter. The company frames the surge as a sign of accelerating mainstream adoption and a position from which it can capture rising institutional, corporate, and retail demand for Bitcoin. Key TakeawaysRhino Bitcoin Inc. (OTC: RHNO) reported that new KYC-verified users more than tripled since the start of Q2, which the company says is driving higher transaction volumes across its platform as users complete verification and engage more deeply with its ecosystem.The company positioned the growth against Bitcoin's maturation as an asset class, citing SpaceX's disclosure of more than $1 billion in Bitcoin holdings in its recent IPO filing, and a Japanese corporate pension fund's announced plan to allocate roughly 1% of its portfolio to cryptocurrency.Rhino is executing several high-visibility initiatives, including its SatsDrop Saturdays promotion, a Creator and Community Program, and a planned national television and Times Square billboard campaign.The company operates in a sector that includes established public Bitcoin-exposure names investors track, such as Strategy (NASDAQ: MSTR), Coinbase (NASDAQ: COIN), Circle (NASDAQ: CRCL), and Robinhood (NASDAQ: HOOD), each distinct, far larger, and none a proxy for Rhino.A Surge in Verified UsersThe headline of Rhino's update is user growth. Its users, specifically new KYC-verified users who have completed the know-your-customer identity checks required to transact, have more than tripled since the start of the second quarter, the company reported. That verification step matters more than a raw signup number, because it marks the point at which a user is cleared to buy, hold, and move Bitcoin on the platform rather than simply having created an account.According to the company, that rapid onboarding is translating into higher transaction volume across the platform as newly verified users engage more deeply with its ecosystem. Rhino characterizes the trend as evidence of accelerating mainstream adoption, and has positioned itself to capture what it describes as rising institutional, corporate, and retail demand for Bitcoin. As with any company-reported operating metric, these figures are management's own and have not been independently audited.Riding Bitcoin's Institutional MomentRhino frames its growth against a broader shift: Bitcoin's continued maturation as an asset class. The company points to two recent developments as markers of that shift. First, SpaceX's move toward public markets brought its Bitcoin position into public view, with filings disclosing holdings the company valued at more than $1 billion, revealing that the aerospace company had been accumulating the asset. Second, in Japan, the National Business Corporate Pension Fund announced plans to allocate roughly 1% of its portfolio to cryptocurrency, a step widely reported as the first such allocation by a Japanese corporate pension and one more data point in Bitcoin's gradual acceptance inside institutional portfolios.Those examples sit at the large institution end of a spectrum that Rhino is targeting from the consumer end. The thesis is straightforward: as high-profile corporate and institutional holders normalize Bitcoin ownership, the appetite among everyday users to gain their own exposure grows, and platforms that make buying and holding Bitcoin simple stand to benefit. It is worth noting that these institutional developments involve third parties unaffiliated with Rhino, and are cited as market context rather than as any endorsement of the company.The Campaigns Behind the GrowthRhino attributes part of its momentum to a set of high-visibility initiatives now underway. The company recently launched SatsDrop Saturdays, a promotional campaign built around SatsDrop, a free Plinko-style game in which users can win up to 100,000 satoshis, the smallest units of a Bitcoin. Run in partnership with Bitcoin brands including Microseed, FOMO21, Blockstream, Coinkite, and Bitcoin News, the campaign has, by the company's account, already generated strong engagement.The company is also piloting a Creator and Community Program, launching with a first featured creator the company describes as an influencer with a large following across both Bitcoin and macroeconomic communities. Additional creators and program details are expected to be announced. Rounding out the push, Rhino says it will soon roll out prominent billboards in New York's Times Square and a national television campaign, with messaging built around two core ideas: that it remains early for Bitcoin, and that Rhino offers an affordable way to invest in it. The company frames the campaign as a bid to significantly raise brand awareness.The All-in-One Bitcoin Banking PitchAt the center of Rhino's story is its product positioning. The company describes itself as an all-in-one Bitcoin banking app that lets users buy Bitcoin with zero fees, and layers on a set of features designed to make Bitcoin function more like a full financial account. Those features include bill payments, the ability to borrow against Bitcoin holdings, secure cold storage, instant global payments, and Bitcoin retirement accounts, packaged into a single interface.The framing positions Rhino at the intersection of traditional banking and digital assets, aiming to combine the reliability consumers expect from established financial entities with the properties of Bitcoin. The opportunity it is targeting is large: as Bitcoin adoption widens, the addressable market for a single, consumer-friendly app that unifies buying, holding, borrowing, payments, and retirement accounts around Bitcoin continues to expand. Rhino's wager is that an app organized entirely around Bitcoin can capture a meaningful share of that growing demand.The Public Companies in Bitcoin's OrbitRhino is a small company quoted on the OTC market and is not directly comparable to the established names below. These comparisons are for industry context only; each company pursues a different business model and operates at vastly greater scale, and none is a proxy for Rhino or implies any partnership or comparable performance. The broader crypto-equity group has been volatile, selling off sharply in June before rebounding into early July alongside a bounce in Bitcoin.Strategy (NASDAQ: MSTR), formerly MicroStrategy, is the world's largest corporate Bitcoin holder and the best-known Bitcoin-treasury equity, functioning for years as a leveraged proxy for the Bitcoin price. Its shares have tracked Bitcoin's swings closely, illustrating the volatility of concentrated Bitcoin exposure in public markets.Coinbase (NASDAQ: COIN), the largest U.S. cryptocurrency exchange, is a core piece of infrastructure for retail and institutional digital-asset activity. It has continued to expand internationally, including a recent European licensing step, offering a view of the exchange-and-custody end of the market Rhino's consumer app operates near.Circle (NASDAQ: CRCL), the issuer of the USDC stablecoin, sits at the payments-and-settlement layer of the crypto economy, the same instant-payments territory Rhino references in its own feature set. Circle has been in the news as competition in stablecoins intensifies, underscoring how quickly that segment is evolving.Robinhood (NASDAQ: HOOD) is the closest business-model reference point, a consumer app that blends commission-free brokerage, crypto trading, and a growing set of banking-style and on-chain products. Robinhood illustrates the consumer-fintech model of bundling investing and money features in one app, the same broad approach Rhino is pursuing with a Bitcoin-first focus.The Bottom LineA tripling of verified users is a company-reported operating metric, not an audited financial result, and Rhino remains a small OTC-quoted company operating in one of the most volatile corners of the market. But the direction of its story is coherent and of the moment: institutional validation of Bitcoin is mounting, from corporate treasuries to pension allocations, and Rhino is betting that a simple, zero-fee, all-in-one app can convert that broadening interest into everyday users. For investors watching how consumer access to Bitcoin develops as the asset matures, Rhino's user growth and its coming brand push are concrete data points, with sustained adoption, transaction volume, and the health of the broader crypto market the markers worth watching from here.SIGNAL OVER NOISEBitcoin, crypto-exchange, and digital-payments headlines move fast, and the crowd often moves first. Eagle Eye is a real-time investor signal-intelligence platform that surfaces sentiment shifts, news flow, and trending tickers as they happen, so you see the move forming instead of reading about it later. See it at eagle-eye.dev.CONTACTAmerican News Groupinfo@usanewsgroup.comSOURCES[1] Rhino Bitcoin Inc., "Rhino Bitcoin Announces Strong User Growth as KYC-Verified Users More Than Triple Since Start of Q2" (GLOBE NEWSWIRE, MIAMI, 2026; SatsDrop Saturdays; Creator and Community Program; Times Square and national TV campaign).[2] SpaceX (NASDAQ: SPCX) IPO / S-1 registration disclosures regarding Bitcoin holdings, 2026.[3] National Business Corporate Pension Fund (Japan) reported plan to allocate approximately 1% of assets to cryptocurrency in FY2026, as reported by Nikkei and others, 2026.[4] Strategy Inc. (NASDAQ: MSTR), Coinbase Global, Inc. (NASDAQ: COIN), Circle Internet Group (NASDAQ: CRCL), and Robinhood Markets, Inc. (NASDAQ: HOOD), corporate disclosures and market data, 2026.DISCLAIMERNothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed for Market IQ Media Group Limited, a company incorporated under the laws of Ireland ("MIQL"), which wholly owns and operates American News Group. MIQL has been paid a fee for Rhino Bitcoin Inc. advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of Rhino Bitcoin Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. MIQL and its owner/operators do not own any shares of Rhino Bitcoin Inc., but reserve the right to buy and sell shares of Rhino Bitcoin Inc. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQL has been reviewed and approved on behalf of Rhino Bitcoin Inc. by CDMG. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities and digital assets carries a high degree of risk; you may likely lose some or all of the investment.FORWARD-LOOKING STATEMENTS: This publication contains forward-looking statements, including statements regarding Rhino Bitcoin Inc.'s user growth and verification metrics; the anticipated impact of that growth on transaction volume and engagement; the SatsDrop Saturdays promotion, Creator and Community Program, and planned Times Square billboard and national television campaign; and broader trends in institutional, corporate, and retail Bitcoin adoption. Forward-looking statements are based on current expectations and assumptions and are subject to known and unknown risks and uncertainties, many beyond the company's control, including the volatility of Bitcoin and digital-asset prices; the company's ability to sustain user growth and convert it into revenue; regulatory developments affecting cryptocurrency and digital-asset businesses; competition from larger and better-capitalized platforms; and the risks described in the company's filings and reports with the U.S. Securities and Exchange Commission. Company-reported operating metrics are management's own and have not been independently audited. Actual results could differ materially from those projected. Except as required by law, the company undertakes no obligation to update any forward-looking statement. References to other companies, including SpaceX and the public companies named for industry context, are based on those companies' public disclosures, are provided for industry context only, and do not imply any partnership, endorsement, affiliation, or comparable performance. View original content to download multimedia:https://www.prnewswire.com/news-releases/as-institutions-warm-to-bitcoin-a-zero-fee-bitcoin-banking-app-says-its-verified-user-base-more-than-tripled-302819491.html Original: As Institutions Warm to Bitcoin, a Zero-Fee Bitcoin Banking App Says Its Verified User Base More Than Tripled

Circle to Speak at VivaTech 2026June 9, 2026 4:30 PM
Business Wire Circle Internet Group, Inc. (NYSE: CRCL) announced today that Jeremy Allaire, Co-Founder, Chairman and Chief Executive Officer, will participate in a fireside chat at VivaTech on Wednesday, June 17, 2026, at 5:00 am ET, discussing “Digital Money, Real Power: The New Architecture of Finance.” The live audio webcast of the session will be available on Circle’s Investor Relations website at www.circle.com/investors. For those unable to listen to the live webcast, a replay will be available on our website shortly after the event. Please direct any questions regarding obtaining access to the webcast to Circle Investor Relations via email at investors@circle.com. Disclosure Information
In addition to filings with the Securities and Exchange Commission (SEC), Circle uses its Investor Relations website (https://investor.circle.com), its blog (https://www.circle.com/blog), press releases (https://www.circle.com/pressroom), public conference calls and webcasts, its X feed (https://x.com/circle), and its Linkedin page (https://www.linkedin.com/company/circle-internet-financial) as a means of disclosing material nonpublic information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these sites in addition to following Circle’s SEC filings. About Circle Internet Group, Inc.
Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through programmable blockchain infrastructure, digital assets, and payment applications. Circle’s platform includes the world’s largest stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation. View source version on businesswire.com: https://www.businesswire.com/news/home/20260609535239/en/ Press:
press@circle.com Investors:
investors@circle.com Original: Circle to Speak at VivaTech 2026

MassPay Expands Stablecoin Payout Capabilities through Circle Payments Network (CPN) Managed PaymentsJune 9, 2026 11:00 AM
PR Newswire (US) Platform Enhances Support for Businesses Looking to Fund, Manage, and Pay Out Using Stablecoin Infrastructure - Powered by CPN Managed Payments LAS VEGAS, June 9, 2026 /PRNewswire/ -- MassPay, a global payouts platform that enables businesses to pay anyone, anywhere through a single integration, today announced an expanded offering through Circle Payments Network (CPN) Managed Payments, provided by Circle Internet Financial, LLC., an affiliate of Circle Internet Group (NYSE:CRCL). Building on its existing integration with CPN, MassPay now leverages CPN Management Payments for stablecoin-enabled settlement. The integration enables MassPay customers to fund, manage, and send payouts using stablecoins, without directly managing digital assets or blockchain infrastructure.CPN Managed Payments is a fully managed settlement solution that enables payment service providers (PSPs), ?ntechs, banks and global enterprises to access the speed and e?ciency of digital dollar-based settlement without holding or managing digital assets directly. It addresses key barriers to adoption by abstracting the complexity associated with digital asset management, enabling institutions to access these capabilities while continuing to operate within familiar ?nancial and compliance frameworks.This expanded integration strengthens MassPay's ability to support businesses using stablecoins as part of their treasury or payout workflows. MassPay customers can now programmatically create and manage dedicated wallets, convert balances  into USDC for treasury purposes, and initiate stablecoin payouts alongside existing options like bank transfers, debit cards, and digital wallets."The way businesses hold and move money is changing," said Ran Grushkowsky, CEO of MassPay. "More and more of our customers are holding stablecoins as a core part of how they manage their finances - not as an experiment, but as an everyday tool.  By leveraging CPN Managed Payments, we can better support our customers holistically - from how they fund their accounts, to how they pay their people and partners, worldwide.""MassPay's expanded use of Circle Payments Network Managed Payments shows payments companies are looking to bring faster, cheaper, and programmable money movement into their core payout operations," said Irfan Ganchi, SVP of Product Management, Payments at Circle. "By leveraging managed infrastructure through CPN, MassPay enables customers to access stablecoin-powered workflows without directly managing digital assets."For businesses managing large, global payout operations, this integration supports more efficient cross-border payment workflows, particularly across corridors where traditional settlement processes can be slow or expensive. Stablecoin-enabled settlements can help reduce reliance on multiple intermediaries while improving the speed and predictability of payout operations. MassPay supports a broad range of payout methods - including bank transfers, debit cards, digital wallets, and stablecoin-native payouts - through a single integration. As stablecoins become a more standard part of how global businesses manage money, MassPay is positioned to support that shift with CPN Managed Payments. .About MassPayWe care about your people getting paid, anywhere. MassPay is a leading global payout orchestration platform empowering businesses to move money instantly, compliantly, anywhere, at scale. With a single, easy-to-integrate API, MassPay enables businesses to make real-time payouts to payees via bank transfers, digital wallets, debit cards, cryptocurrency, or cash pickup. The platform combines instant settlement capabilities with embedded compliance and KYC features, ensuring a secure payout experience for marketplaces, direct sales organizations, content creator platforms, and any business that requires a reliable, scalable global payout solution. Learn more at masspay.io.MEDIA CONTACT:
C-Suite Media Strategies
Kristopher Conesa
kconesa@csuitepr.com
www.csuitepr.com
305-975-5934 View original content to download multimedia:https://www.prnewswire.com/news-releases/masspay-expands-stablecoin-payout-capabilities-through-circle-payments-network-cpn-managed-payments-302794354.htmlSOURCE MassPay Original: MassPay Expands Stablecoin Payout Capabilities through Circle Payments Network (CPN) Managed Payments

Circle Internet Shares Slip Following Report of New Stablecoin Initiative by Payments Giants (CRCL)June 3, 2026 9:46 AM
IH Market News Circle Internet (NYSE:CRCL) shares fell 2% in Wednesday morning trading after a report suggested that several major payment companies are preparing to launch a competing stablecoin platform. The development raised concerns about intensifying competition in the rapidly expanding digital payments and stablecoin markets. Stripe, Visa and Mastercard Reportedly Near Platform Launch According to a report from CoinDesk, payment industry leaders Stripe, Visa and Mastercard are nearing the rollout of a new stablecoin-based platform. The report, citing individuals familiar with the matter, indicated that the project is approaching launch as the companies seek to expand their presence in blockchain-enabled payments and digital asset infrastructure. Coinbase Said to Be Exploring Participation CoinDesk also reported that cryptocurrency exchange Coinbase is evaluating potential involvement in the initiative. While details regarding the structure of the platform and the specific roles of participating companies have not been disclosed, the reported collaboration would bring together some of the largest names in both traditional payments and digital assets. Companies Remain Tight-Lipped Following publication of the report, Stripe, Visa and Coinbase declined to comment on the claims. Mastercard had not responded to requests for comment at the time of publication. The lack of official confirmation left investors with limited information regarding the scope, timing and strategic objectives of the proposed platform. Competition in Stablecoins Continues to Intensify The report highlights the growing interest among major financial and payments companies in stablecoins, which are increasingly viewed as an important component of future payment systems. For Circle, issuer of the USDC stablecoin, the emergence of additional large-scale competitors could intensify competition within a market that is attracting greater institutional attention and investment. Investors will likely be watching closely for further details regarding the reported initiative and any potential implications for Circle’s position within the evolving digital payments ecosystem. Circle Internet Group stock price Original: Circle Internet Shares Slip Following Report of New Stablecoin Initiative by Payments Giants (CRCL)

Circle Internet (CRCL) Shares Slip After Revenue Miss Overshadows Earnings BeatMay 11, 2026 10:18 AM
IH Market News Circle Internet Group, Inc. (NYSE:CRCL) shares fell 3% in premarket trading after the digital payments and stablecoin company reported first-quarter fiscal 2026 results that topped earnings expectations but missed revenue forecasts.The company posted adjusted earnings per share of $0.21, exceeding analyst estimates of $0.18 per share. Revenue Growth Misses Market Expectations Total revenue and reserve income reached $694 million during the quarter, below the analyst consensus estimate of $715 million, although still representing 20% year-over-year growth.Net income from continuing operations declined 15% from the prior-year period to $55 million.Adjusted EBITDA increased 24% year-over-year to $151 million. USDC Activity Continues to Expand Rapidly Circle reported continued growth across its USDC stablecoin ecosystem.USDC in circulation rose 28% year-over-year to $77.0 billion at the end of the quarter.Meanwhile, onchain transaction volume involving USDC surged 263% to $21.5 trillion.“Circle’s first quarter reflected strong execution against a much bigger opportunity: the rapid convergence of AI platforms and economic operating systems into a new internet stack,” said Co-Founder, Chief Executive Officer and Chairman Jeremy Allaire. Company Expands AI and Blockchain Infrastructure Push Circle also announced a $222 million presale raise for its ARC Token at a fully diluted network valuation of $3 billion.Investors participating in the financing included a16z crypto, Apollo Funds, ARK Invest and BlackRock.The company additionally introduced its new Agent Stack platform, which includes products such as Circle CLI, Agent Wallets and Agent Marketplace.According to Circle, the platform is designed to help developers build agent-driven activity using USDC. Full-Year Outlook Maintained Circle reaffirmed its fiscal 2026 guidance, continuing to project other revenue between $150 million and $170 million.The company also maintained its forecast for adjusted operating expenses in a range of $570 million to $585 million.In addition, Circle reiterated its longer-term expectation for a 40% compound annual growth rate in USDC circulation.Circle Internet Group stock price Original: Circle Internet (CRCL) Shares Slip After Revenue Miss Overshadows Earnings Beat

Circle Reports First Quarter 2026 ResultsMay 11, 2026 6:25 AM
Business Wire Circle Internet Group, Inc. (NYSE: CRCL) today announced results for the first quarter of fiscal year 2026. Financial Highlights (Q1’26 vs. Q1’25) USDC in circulation of $77.0 billion at quarter end grew 28%; USDC onchain transaction volume in Q1’26 of $21.5 trillion grew 263% Total revenue and reserve income in Q1’26 of $694 million grew 20% Net income from continuing operations in Q1’26 of $55 million decreased 15% Adjusted EBITDA in Q1’26 of $151 million grew 24% Business Highlights ARC Token: $222M presale raise at a $3 billion fully diluted network valuation from a consortium of leading investors including a16z crypto, Apollo Funds, ARK Invest, BlackRock, Bullish, General Catalyst, Haun Ventures, Intercontinental Exchange, IDG Capital, Janus Henderson Investors, Marshall Wace, SBI Group, and Standard Chartered Ventures. ARC Token whitepaper published today, outlining how a native coordination asset could support governance, security, and network operations on Arc. The Agent Stack: Circle is building for an agent-led future, announcing critical agent platform capabilities with new permissionless infrastructure, alongside its existing Nanopayments offering built on Circle Gateway. New products, including Circle CLI (command line interface), Agent Wallets, and Agent Marketplace enable developers and merchants to create, fund, and monetize agent-driven activity in USDC across multiple blockchains and payment protocols. Continued CPN Expansion: Circle continues to grow the CPN network, with $8.3 billion in annualized transaction volume based on the trailing 30 day activity as of March 31, 2026. In April, Circle expanded its payment products with the launch of Managed Payments, which allows financial institutions to launch stablecoin payments without managing digital assets. Digital Assets Growth: Circle continued to expand the scale and utility of its digital asset platform during the quarter, with USDC representing 63% of stablecoin transaction volumes in the first quarter, according to Visa Onchain Analytics. As of May 7th, USYC is the world’s largest tokenized money market fund. New and Expanded USDC Use Cases: Kyriba embedding USDC capabilities into enterprise treasury systems, enabling corporate treasury teams to access 24/7 liquidity and manage it more efficiently within their existing workflows, controls, and systems. Polymarket advancing its use of USDC as the core collateral and settlement asset for their markets. “Circle’s first quarter reflected strong execution against a much bigger opportunity: the rapid convergence of AI platforms and economic operating systems into a new internet stack,” said Jeremy Allaire, Co-Founder, Chief Executive Officer, and Chairman at Circle. “With the ARC token presale, momentum behind the Arc network, and the launch of our Agent Stack, we are building trusted infrastructure for AI-native economic activity and a more programmable internet financial system.” Key Financial Results and Operating Indicators The following table presents our key financial results and operating indicators, as well as the relevant GAAP measures, for the periods indicated: Key Financial Results Q1 2026 YoY
Change ($ in millions unless noted otherwise)       Total Revenue and Reserve Income $694 20%   Revenue Less Distribution Costs(1) $287 24%   RLDC Margin(2) 41% 148bps   Net Income from Continuing Operations $55 (15%)   Net Income from Continuing Operations Margin(3) 8% (324bps)   Adjusted EBITDA(4) $151 24%   Adjusted EBITDA Margin(4) 53% (33bps) Key Operating Indicators Q1 2026 YoY
Change ($ in billions unless noted otherwise)       USDC in Circulation, end of period $77.0 28%   USDC in Circulation, average of period $75.2 39%   Reserve Return Rate 3.5% (66bps)   USDC on Platform, end of period $13.7 254%   USDC on Platform, daily weighted average percentage 17.2% 1,149bps   (1) Revenue Less Distribution Costs (RLDC) is calculated as Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs.   (2) RLDC Margin is calculated as Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs as a percentage of Total Revenue and Reserve Income.   (3) Net Income from Continuing Operations Margin is calculated as Net Income from Continuing Operations / Total Revenue and Reserve Income.   (4) Refer to Non-GAAP Financial Measures for further details and a reconciliation of the GAAP to non-GAAP measures presented. Adjusted EBITDA Margin is calculated as Adjusted EBITDA / Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs. First Quarter 2026 Financial Highlights and Operating Results Reserve Income of $653 million increased 17% year-over-year, primarily from the 39% growth in average USDC in circulation, partially offset by a 66 bps decline in the reserve return rate. Other Revenue of $42 million up $21 million year-over-year as subscription and services revenue and transaction revenue grew strongly. Total Distribution, Transaction and Other Costs of $407 million increased 17% year-over-year due to increased distribution payments. Operating Expenses of $242 million increased 76% year-over-year, primarily due to higher compensation costs from post IPO stock-based compensation and related payroll taxes. Adjusted Operating Expenses of $136 million increased 32% year-over-year, primarily driven by increased investments into our product, distribution, and operating infrastructure. Net Income of $55 million decreased 15% year-over-year as growth in Revenue Less Distribution Costs was offset by higher stock-based compensation and continued investment into product, distribution, and operating infrastructure. Adjusted EBITDA of $151 million increased 24% year-over-year reflecting the revenue growth from higher USDC in circulation. Other Platform Metrics Q1 2026 YoY
Change (USDC related figures in $ billions; meaningful wallets in millions)       USDC Minted $73 38%   USDC Redeemed $72 93%   Stablecoin Market Share, end of period(1) 28% (62bps)   Meaningful Wallets, end of period(2) 7.2 47%   (1) Stablecoin market share is defined as the amount of USDC in circulation as a percentage of the total U.S. dollar fiat-backed stablecoins with circulation above $100 million, according to CoinMarketCap, and that have established periodic public attestations. (2) Onchain digital asset wallets that hold more than $10 USDC. Guidance To give investors insight into our business and expectations, management is affirming its prior guidance on the following key performance indicators. However, this does not include the future financial impacts of the ARC Token presale, Arc incentive programs, and future Arc revenue streams. Key Indicator Period Current
Outlook USDC in Circulation Multi-year through cycle 40% CAGR Other Revenue FY 2026 $150-$170M RLDC Margin(1) FY 2026 38-40% Adjusted Operating Expenses(2) FY 2026 $570-$585M   (1) RLDC Margin is calculated as Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs as a percentage of Total Revenue and Reserve Income.   (2) Refer to Non-GAAP Financial Measures for further details and a reconciliation of the GAAP to non-GAAP measures presented. Conference Call and Livestream Information Circle will host a conference call to discuss the results for the first quarter 2026 on May 11, 2026 at 8:00 am ET. Circle’s Investor Relations website at https://investor.circle.com will provide access to the live webcast, as well as a replay of the call and transcript shortly following earnings. In addition to filings with the Securities and Exchange Commission, Circle uses its Investor Relations website (https://investor.circle.com), its blog (https://www.circle.com/blog), press releases (https://www.circle.com/pressroom), public conference calls and webcasts, its X feed (https://x.com/circle), and its LinkedIn page (https://www.linkedin.com/company/circle-internet-financial) as a means of disclosing material nonpublic information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these sites in addition to following Circle’s SEC filings. Forward-Looking Statements This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial position; our plans with respect to the anticipated future expenses and investments; expectations relating to certain of our key financial and operating metrics; our business strategy and plans; expectations relating to legal and regulatory proceedings; expectations relating to our industry, the regulatory environment, market conditions, trends and growth; expectations relating to customer behaviors and preferences; our market position; potential market opportunities; and our objectives for future operations. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, but not limited to: intense and increasing competition from new and existing issuers offering competing products, combined with the rise of yield-bearing digital assets, including TMMFs, that are attractive to digital asset trading participants, may reduce market demand and circulation of Circle stablecoins; stablecoins may face periods of uncertainty, loss of trust, or systemic shocks resulting in the potential for rapid redemption requests (or runs), and extreme scenarios, such as market shocks that affect the value of USDC’s reserves or simultaneous requests to redeem all or substantially all USDC in circulation, or concerns related to Circle stablecoin reserves, may lead to redemption delays and USDC reserves being insufficient to meet all redemption requests; as a relatively new innovation, stablecoins are particularly susceptible to operational challenges and risks, including due to surges in demand; any negative publicity regarding stablecoins or the broader digital asset industry may have an outsized negative effect on consumer confidence; the acceptance of Circle stablecoins could be negatively impacted by disruptions in secondary marketplaces that facilitate the purchase and sale of Circle stablecoins; the GENIUS Act will change the payment stablecoin ecosystem and may affect our business in ways that cannot yet be known; the GENIUS Act amends the U.S. federal securities laws to explicitly exclude from the definition of “security” payment stablecoins issued by PPSIs, which will include USDC, however, until those amendments are effective, we will continue to rely on our conclusion that USDC is not a security under the U.S. federal securities laws; we hold a substantial amount of USDC reserves in the Circle Reserve Fund and thus are subject to risks associated with the issuer, the manager, and the custodian of the Circle Reserve Fund; any significant disruption in our or our third-party service providers’ or partners’ technology could result in a loss of customers or funds and adversely impact our business, results of operations, financial condition, and prospects; our customers’ funds and digital assets may fail to be adequately safeguarded by us or the third-party service providers upon whom we rely; our inability to maintain existing relationships with financial institutions and similar firms or to enter into new such relationships could impact our ability to offer services to customers; we are subject to credit risks in respect of counterparties, including banks and other financial institutions; if we are unable to maintain existing distribution arrangements or enter into additional distribution arrangements on less favorable financial terms, USDC and EURC in circulation and Circle’s financial results may be adversely affected; Arc and the ARC Token involve execution, market, and operational risk, including risks relating to launch timing, ecosystem adoption in a competitive blockchain market, technology and cybersecurity vulnerabilities, validator and governance dynamics, token price volatility, and the operational complexity of running the network and related treasury infrastructure; Arc and the ARC Token present legal, regulatory, and structural risk, including uncertainty under securities and other financial regulatory regimes, risks arising from token presale and distribution arrangements, potential liability tied to third-party ecosystem participants, conflicts and governance issues during any transition to decentralization, and possible repayment obligations if key launch milestones are not achieved; our products and services may be exploited by our customers, employees, service providers, and other third parties to facilitate illegal activity such as fraud, money laundering, terrorist financing, gambling, tax evasion, and scams; our compliance and risk management methods might not be effective; fluctuations in interest rates could impact our results of operations; we are subject to an extensive and highly evolving regulatory landscape; the regulatory environment to which we are subject gives rise to various licensing requirements, significant compliance costs and other restrictions, and noncompliance could result in a range of penalties, including fines, compliance costs, operational restrictions, reputational damage, and loss of licenses; we are subject to laws, regulations, and executive orders regarding economic and trade sanctions, anti-bribery, AML, and counter-terrorism financing that could impair our ability to compete in international markets or subject us to criminal or civil liability if we violate them; and insiders will continue to have substantial control over Circle and limit shareholders’ ability to influence the outcome of key transactions, including a change of control. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. For a detailed discussion of the risks, uncertainties, and other factors that could cause our actual results to differ materially from those anticipated or expressed in any forward-looking statements, see the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on March 9, 2026 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 to be filed with the SEC. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. Nothing in this communication constitutes an offer to sell or a solicitation of an offer to buy securities or an invitation or inducement to engage in investment activity. About Circle Internet Group, Inc. Circle (NYSE: CRCL) is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is building the world’s largest, most-widely used, stablecoin network, and issues, through its regulated affiliates, USDC and EURC stablecoins. Circle provides a comprehensive suite of financial and technology services that empower enterprises and developers to integrate stablecoins and blockchains into their products, services and business operations. CIRCLE INTERNET GROUP, INC. – CONDENSED CONSOLIDATED BALANCE SHEETS   (in $ thousands, except share information)   March 31,
2026   December 31,
2025     (unaudited)     ASSETS         Current assets:         Cash and cash equivalents   $ 1,517,264     $ 1,526,046   Cash and cash equivalents segregated for corporate-held stablecoins     792,662       822,963   Cash and cash equivalents segregated for the benefit of stablecoin holders     76,893,681       75,067,932   Accounts receivable, net     72,168       62,866   Prepaid expenses and other current assets     326,800       321,660   Total current assets     79,602,575       77,801,467   Non-current assets:         Restricted cash     2,800       2,792   Investments     100,073       84,265   Fixed assets, net     22,520       22,791   Digital assets     84,217       86,515   Goodwill     265,742       265,742   Intangible assets, net     421,017       411,146   Deferred tax assets, net     11,285       11,110   Other non-current assets     26,549       27,379   Total assets   $ 80,536,778     $ 78,713,207   LIABILITIES AND STOCKHOLDERS’ EQUITY     Current liabilities:         Deposits from stablecoin holders   $ 76,778,530     $ 74,912,567   Accounts payable and accrued expenses     262,215       360,609   Convertible debt, net of debt discount     —       36,821   Other current liabilities     14,637       18,398   Total current liabilities     77,055,382       75,328,395   Non-current liabilities:         Deferred tax liabilities, net     28,071       28,702   Other non-current liabilities     24,694       25,337   Total non-current liabilities     52,765       54,039   Total liabilities   $ 77,108,147     $ 75,382,434             Stockholders’ equity         Class A common stock ($0.0001 par value; 2.5 billion authorized as of March 31, 2026 and December 31, 2025; 228.9 million and 223.6 million issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)     25       24   Class B common stock ($0.0001 par value; 500.0 million authorized as of March 31, 2026 and December 31, 2025; 18.7 million issued and outstanding as of March 31, 2026 and December 31, 2025)     2       2   Class C common stock ($0.0001 par value; 500.0 million authorized as of March 31, 2026 and December 31, 2025; nil issued and outstanding as of March 31, 2026 and December 31, 2025)     —       —   Treasury stock at cost (4.6 million and 4.7 million shares held as of March 31, 2026 and December 31, 2025, respectively)     (2,683 )     (2,721 ) Additional paid-in capital     4,658,949       4,610,216   Accumulated deficit     (1,237,456 )     (1,292,709 ) Accumulated other comprehensive income     8,367       14,515   Total stockholders’ equity attributable to common stockholders     3,427,204       3,329,327   Noncontrolling Interest     1,427       1,446   Total stockholders’ equity     3,428,631       3,330,773   Total liabilities and stockholders’ equity   $ 80,536,778     $ 78,713,207   CIRCLE INTERNET GROUP, INC. – CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)   (in $ thousands, except per share information)   Three Months Ended       March 31, 2026   March 31, 2025 Revenue and reserve income         Reserve income   $ 652,508     $ 557,911   Other revenue     41,625       20,662   Total revenue and reserve income     694,133       578,573   Distribution, transaction and other costs         Distribution and transaction costs     405,402       347,312   Other costs     1,379       335   Total distribution, transaction and other costs     406,781       347,647   Operating expenses         Compensation expenses     138,127       75,620   General and administrative expenses     57,261       30,684   Depreciation and amortization expenses     26,767       13,880   IT infrastructure costs     12,722       7,672   Marketing expenses     6,617       3,860   Digital assets losses (gains)     856       6,270   Total operating expenses     242,350       137,986   Operating income from continuing operations     45,002       92,940   Other income (expense), net     11,683       (3,103 ) Net income from continuing operations before income taxes     56,685       89,837   Income tax expense (benefit)     1,439       25,046   Net income from continuing operations     55,246       64,791   Less: Net loss attributable to noncontrolling interests     (7 )     —   Net income attributable to common stockholders   $ 55,253     $ 64,791             Earnings per share attributable to common stockholders:         Basic   $ 0.23     $ —   Diluted   $ 0.21     $ —             Weighted-average shares used to compute earnings per share attributable to common stockholders:         Basic     244,038       57,966   Diluted     266,687       75,650   Quarterly Results of Operations The following table summarizes certain key financial performance measures derived from our unaudited quarterly consolidated statements of operations data for each of the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025, and March 31, 2026. The information for each of these periods has been prepared on the same basis as our audited annual consolidated financial statements and, in the opinion of management, reflects all adjustments of a normal, recurring nature that are necessary for the fair statement of the results of operations for these periods.   Three Months Ended (in $ millions, except RLDC Margin and Net Reserve Margin)? March 31,
2026   December 31,
2025   September
30, 2025   June 30,
2025   March 31,
2025 ?Reserve Income $ 653     $ 733     $ 711     $ 634     $ 558   Other Revenue   42       37       29       24       21   Total Revenue and ?Reserve Income $ 694     $ 770     $ 740     $ 658     $ 579   Distribution and Transaction Costs $ 405     $ 461     $ 447     $ 406     $ 347   Other Costs   1       1       0       0       0   Total Distribution, ?Transaction and Other ?Costs $ 407     $ 461     $ 448     $ 407     $ 348   Total Revenue and Reserve Income less Total Distribution, Transaction ?and Other Costs $ 287     $ 309     $ 292     $ 251     $ 231   RLDC Margin(1)   41 %     40 %     39 %     38 %     40 % Net Reserve Margin(2)   38 %     37 %     37 %     36 %     38 % Note: Figures presented may not sum precisely due to rounding.   (1) RLDC Margin is calculated as Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs as a percentage of Total Revenue and Reserve Income.   (2) Net Reserve Margin is Reserve Income less Distribution and Transaction Costs as a percentage of Reserve Income. Non-GAAP Financial Measures We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, Adjusted EBITDA and Adjusted Operating Expenses are non-GAAP financial measures regarding our operational performance. Management and our board of directors use non-GAAP financial measures to (i) monitor and evaluate the growth and performance of our business operations, (ii) evaluate our historical and prospective financial performance as well as our performance relative to our competitors, (iii) review and assess the performance of our management team and other employees, and (iv) prepare budgets and evaluate strategic investments. Accordingly, we believe that non-GAAP measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Non-GAAP financial measures, including Adjusted EBITDA and Adjusted Operating Expenses, have limitations as financial measures and should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with GAAP. Adjusted EBITDA Adjusted EBITDA is calculated as net income (loss) from continuing operations excluding: net income (loss) attributable to noncontrolling interests; depreciation and amortization expenses; interest expense, net of amortization of discounts and premiums; interest income; income tax expense (benefit); stock-based compensation expense and payroll tax expense related to stock-based compensation; certain legal expenses; realized and unrealized (gains) losses, net, on digital assets held for investment, other related investments and strategic investments; realized (gains) losses on available-for-sale debt securities; impairment losses on strategic investments; restructuring expenses; acquisition-related costs; change in fair value of convertible debt, warrant liability, embedded derivatives and U.S. Treasury securities; charitable contributions to Circle Foundation; losses on sale of long-lived assets; and foreign currency exchange (gains) losses. Beginning in the first quarter of 2026, we have amended the above definition of Adjusted EBITDA to exclude payroll tax expense related to stock-based compensation, because these taxes are directly related to stock-based compensation expense which is already excluded from Adjusted EBITDA. These expenses represent employer payroll taxes related to the vesting and settlement of certain equity awards, and are variable with our stock price and other factors outside of our control. We believe it is useful to exclude non-cash charges, such as depreciation and amortization, stock-based compensation expense, and change in fair value of various financial instruments as well as certain cash charges such as payroll tax related to stock-based compensation from Adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude income tax expense (benefit), interest income, interest expense, and non-routine items as these items are not components of our core business operations. Adjusted Operating Expenses Adjusted Operating Expenses excludes depreciation and amortization, charitable contributions to Circle Foundation, digital assets losses (gains), and stock-based compensation. Beginning in the first quarter of 2026, we have amended the definition of Adjusted Operating Expenses to exclude (a) payroll tax expense related to stock-based compensation, because these taxes are directly related to stock-based compensation expense which is already excluded from Adjusted Operating Expenses and these taxes are variable with our stock price and other factors outside of our control (which will also be reflected in Adjusted EBITDA as discussed above), as well as (b) certain one-time legal expenses, acquisition-related costs, and where relevant, restructuring expenses, as they reflect the same adjustments as in Adjusted EBITDA. We believe it is useful to exclude certain non-cash charges from Adjusted Operating Expenses because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We have provided a reconciliation below of Adjusted EBITDA to Net Income (loss) from Continuing Operations and of Adjusted Operating Expenses to Operating Expenses, in each case, the most directly comparable GAAP financial measure. CIRCLE INTERNET GROUP, INC. – RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS) FROM CONTINUING OPERATIONS   (in $ thousands) Three Months Ended   March 31,
2026   December 31,
2025   September
30, 2025   June 30,
2025   March 31,
2025 Net income (loss) from continuing operations $ 55,246     $ 133,406     $ 214,385     $ (482,100 )   $ 64,791   Less: Net loss attributable to noncontrolling interests   (7 )     (10 )     —       —       —   Net income (loss) from continuing operations attributable to common stockholders $ 55,253     $ 133,416     $ 214,385     $ (482,100 )   $ 64,791   Adjusted for:                   Depreciation and amortization expenses   26,767       25,536       23,002       14,209       13,880   Interest expense, net of amortization of discounts and premiums   38       193       354       344       335   Interest income(1)   (13,709 )     (16,302 )     (13,453 )     (9,952 )     (7,965 ) Income tax expense (benefit)   1,439       6,776       (61,294 )     (3,903 )     25,046   Stock-based compensation expense   51,836       59,414       59,081       434,966       12,716   Legal expenses(2)   7,019       2,875       3,014       1,706       1,905   Realized and unrealized losses (gains), net, on digital assets held for investment, other related investments and strategic investments   3,325       (25,074 )     (2,267 )     (5,738 )     8,263   Impairment losses on strategic investments   251       —       500       506       —   Acquisition-related costs(3)   1,870       —       —       —       535   Change in fair value of convertible debt, warrant liability, embedded derivatives, and U.S. Treasury securities   4,108       (42,472 )     (56,212 )     167,724       2,382   Charitable contributions to Circle Foundation(4)   7,737       23,149       —       —       —   Losses on sale of long-lived assets   —       —       6       4       12   Foreign currency exchange (gains) losses   (5,121 )     (29 )     (655 )     8,067       539   Adjusted EBITDA (Prior Definition) $ 140,813     $ 167,482     $ 166,461     $ 125,833     $ 122,439   Stock-based compensation related payroll expense(5)   10,588       8,428       5,015       7,164       —   Adjusted EBITDA (New Definition) $ 151,401     $ 175,910     $ 171,476     $ 132,997     $ 122,439     (1) Reflects interest income from corporate cash and cash and cash equivalents balances. For the avoidance of doubt, this amount does not include the impact of reserve income.   (2) Reflects litigation expenses related to the FT Partners litigation, legal and settlement expenses related to legacy businesses, and legal fees and other costs related to one-time regulatory matters.   (3) Reflects special one-time compensation related to an asset acquisition that closed in January 2026, and one-time legal and professional services costs related to the Hashnote acquisition in January 2025.   (4) Reflects the charge related to the charitable contribution of shares of our Class A common stock for the benefit of Circle Foundation, a donor-advised fund.   (5) Beginning in the first quarter of 2026, we have amended the definition of Adjusted EBITDA to exclude payroll tax expense related to stock-based compensation. CIRCLE INTERNET GROUP, INC. – RECONCILIATION OF ADJUSTED OPERATING EXPENSES TO OPERATING EXPENSES   (in $ thousands) Three Months Ended   March 31,
2026   December
31, 2025   September
30, 2025   June 30,
2025   March 31,
2025 Operating expenses $ 242,350     $ 253,595     $ 211,127     $ 576,718     $ 137,986   Adjusted for:                   Stock-based compensation expense and related payroll taxes(1)   (62,424 )     (67,842 )     (64,096 )     (442,130 )     (12,716 ) Depreciation and amortization expenses(2)   (26,767 )     (25,536 )     (23,002 )     (14,209 )     (13,880 ) Digital assets losses (gains)(3)   (856 )     (1,387 )     1,671       693       (6,270 ) Charitable contributions to Circle Foundation(4)   (7,737 )     (23,149 )     —       —       —   Legal expenses(5)   (7,019 )     (2,875 )     (3,014 )     (1,706 )     (1,905 ) Acquisition-related costs(6)   (1,870 )     —       —       —       (535 ) Adjusted Operating Expenses $ 135,677     $ 132,806     $ 122,686     $ 119,366     $ 102,680     (1) Stock-based compensation expense represents equity compensation and associated payroll taxes.   (2) Depreciation and amortization expenses include depreciation of fixed assets, and amortization of capitalized engineering costs and intangible assets.   (3) Digital assets losses (gains) represent the fair value losses/gains of digital assets, a non-cash expense.   (4) Charitable contributions to Circle Foundation reflects the charge related to the charitable contribution of shares of our Class A common stock for the benefit of Circle Foundation, a donor-advised fund.   (5) Reflects litigation expenses related to the FT Partners litigation, legal and settlement expenses related to legacy businesses, and legal fees and other costs related to one-time regulatory matters.   (6) Reflects special one-time compensation related to an asset acquisition that closed in January 2026, and one-time legal and professional services costs related to the Hashnote acquisition in January 2025. CIRCLE INTERNET GROUP, INC. – FORWARD OUTLOOK RECONCILIATION OF ADJUSTED OPERATING EXPENSES TO OPERATING EXPENSES     (in $ millions) FY26   Low   High Operating expenses $ 950     $ 1,025   Adjusted for:       Stock-based compensation expense(1)   (219 )     (249 ) Depreciation and amortization expenses(2)   (108 )     (118 ) Digital assets losses (gains)(3)   –       –   Charitable contributions to Circle Foundation(4)   (32 )     (32 ) Legal expenses(5)   (13 )     (33 ) Acquisition-related costs(6)   (8 )     (8 ) Adjusted Operating Expenses $ 570     $ 585     (1) Stock-based compensation expense represents equity compensation and associated payroll taxes. The range of guidance depends on incremental headcount through the rest of the year and stock price.   (2) Depreciation and amortization expense includes depreciation of fixed assets, and amortization of capitalized engineering costs and intangible assets. The range of the guidance depends on capitalization rates, total SBC and cash compensation throughout the rest of the year.   (3) Digital assets losses (gains) represent the year to date fair value losses/gains of digital assets, a non-cash expense, and we are not forecasting the amounts in 2026.   (4) Charitable contributions to Circle Foundation represents our anticipated transfer of 268,239 shares of Class A common stock to the Donor Advised Fund for the Circle Foundation and is a non-cash expense arising from donating the company’s equity. The amount is estimated as at the closing stock price of CRCL on May 6, 2026 ($121.80), however, such amount will be dependent on the stock price on the date of the transfer of the applicable shares, which is expected to occur in substantially equal quarterly installments throughout 2026.   (5) Represents estimated fees associated with specific nonrecurring costs, including the one-time implementation of new governance structures to meet U.S. regulatory requirements.   (6) Reflects special one-time compensation related to an asset acquisition that closed in January 2026.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260511188445/en/ Investor Relations
investors@circle.com Media Relations
press@circle.com Original: Circle Reports First Quarter 2026 Results

Circle Launches AI Infrastructure to Power the Agentic EconomyMay 11, 2026 6:25 AM
Business Wire Unveils first products in Circle Agent Stack to extend open infrastructure for the machine economy Circle Internet Group, Inc. today announced the launch of Circle Agent Stack, a new set of services and tools designed for the agentic economy, including products that help enable agents as autonomous economic actors. Initial products in Circle Agent Stack include Circle CLI (Command Line Interface), Agent Wallets, Agent Marketplace, and Nanopayments powered by Circle Gateway. Together, these products and capabilities help developers and self-running AI agents to build systems where agents can hold assets, discover services, and transact programmatically with USDC across supported blockchains and payment protocols. These new products are immediately available at http://agents.circle.com. As AI agents play a more active role in economic activity, developers and autonomous agents need financial infrastructure built for machine-speed, extreme cost-efficiency and global availability and interoperability, something that is only possible with stablecoins and onchain infrastructure. Circle Agent Stack provides open, composable building blocks that helps both developers and autonomous AI agents to hold assets, discover services, and transact programmatically within defined permissions, spending controls, and other guardrails. “Financial infrastructure has historically been built for people, with manual onboarding, approvals, and payment flows that were never designed for software acting on its own,” said Jeremy Allaire, Co-Founder, Chairman and CEO of Circle. “We believe the next phase of the global economy will be increasingly AI and agent-driven. The launch of Circle Agent Stack is exciting as it’s the first full suite of services we’re launching where AI agents themselves are the customers, not just developers and enterprises.” Today, the initial rollout of Circle Agent Stack includes: Circle CLI, a command interface that lets developers and AI agents build applications on top of Circle’s entire platform suite, with a deep focus on wallets, payments, and policy management for agents. Nanopayments powered by Circle Gateway, a new protocol that enables gas-free USDC transfers as small as $0.000001 at machine-speed and scale, designed for high-frequency, sub-cent, machine-to-machine payment flows. Agent Wallets, permissionless, policy-controlled wallets optimized for agents to hold, send, and manage funds autonomously within predefined guardrails. Agents can sign-up and begin using these immediately. Agent Marketplace, a curated directory of agentic services that both humans and AI agents can browse, evaluate and integrate with, enabling agents to discover and pay for services programmatically. Together with Circle Skills, these products extend Circle’s developer platform with the interface, tools and payment rails needed to support more autonomous participation in the emerging agentic economy. “USDC is uniquely well-suited for the agentic economy because it is internet-native, programmable, and always available,” said Nikhil Chandhok, Chief Product and Technology Officer at Circle. “By combining trusted digital dollars with programmable wallets, service discovery, machine-readable controls, and payment infrastructure built for software, we’re helping developers build systems where agents can transact as seamlessly as software communicates.” Learn more about these products here. About Circle Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through programmable blockchain infrastructure, digital assets, and payment applications. Circle’s platform includes the world’s largest stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511078086/en/ Media Contact
press@circle.com Original: Circle Launches AI Infrastructure to Power the Agentic Economy

Circle Sued Over Alleged Failure to Freeze Funds After Drift Protocol HackApril 17, 2026 6:01 AM
IH Market News
Circle Internet Group (NYSE:CRCL) is facing a proposed class action lawsuit accusing the company of not freezing stolen funds following a major exploit of the Drift Protocol.The complaint, filed in a U.S. district court in Massachusetts, alleges that Circle permitted hackers to transfer roughly $230 million in USDC stablecoin after a broader $280 million breach of Drift Protocol on April 1.According to the plaintiffs, Circle had both the technical ability and contractual authority to halt the movement of the funds but did not intervene, even as the assets were moved across multiple blockchains using its Cross-Chain Transfer Protocol over several hours.The lawsuit claims negligence and aiding unlawful conversion, arguing that a timely response could have materially reduced losses for affected investors.The incident, one of the largest crypto-related breaches of 2026, resulted in hundreds of millions of dollars being siphoned from Drift Protocol, leading to a sharp drop in its total value locked and causing knock-on effects across the broader decentralized finance ecosystem.Circle Internet Group stock price

Original: Circle Sued Over Alleged Failure to Freeze Funds After Drift Protocol Hack

Circle to Announce Q1 2026 Financial Results on May 11, 2026April 13, 2026 4:01 PM
Business Wire
Circle Internet Group, Inc. (NYSE: CRCL) will report its financial results for the first quarter 2026 on Monday, May 11, 2026.


A live audio webcast will be held at 8 a.m. ET to discuss financial results and business highlights.


Visit our Investor Relations website at www.circle.com/investors to access the live audio webcast, the conference call replay, and related transcript.


Disclosure Information

In addition to filings with the Securities and Exchange Commission (SEC), Circle uses its Investor Relations website (https://investor.circle.com), its blog (https://www.circle.com/blog), press releases (https://www.circle.com/pressroom), public conference calls and webcasts, its X feed (https://x.com/circle), and its Linkedin page (https://www.linkedin.com/company/circle-internet-financial) as a means of disclosing material nonpublic information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these sites in addition to following Circle’s SEC filings.


About Circle Internet Group, Inc.

Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through programmable blockchain infrastructure, digital assets, and payment applications. Circle’s platform includes the world’s largest stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260413046130/en/
Press:

press@circle.com


Investors:

investors@circle.com


Original: Circle to Announce Q1 2026 Financial Results on May 11, 2026

USDC stablecoin issuer Circle $CRCL stock DUMPS 18% after a leaked bill saying that platforms will not be allowed to issue a yield on stable coins in the USA.
🩸 USDC stablecoin issuer Circle $CRCL stock DUMPS 18% after a leaked bill saying that platforms will not be allowed to issue a yield on stable coins in the USA. pic.twitter.com/BAoQcKdl12— Gordon 🐂 (@GordonGekko) March 24, 2026

Circle and Sasai Fintech Collaborate to Expand Access to USDC in AfricaMarch 24, 2026 8:27 AM
Business Wire
Circle Internet Group, Inc. (NYSE: CRCL), one of the world’s leading internet financial platform companies, today announced a collaboration between one of its affiliates and Sasai Fintech, a business of Cassava Technologies, to accelerate USDC adoption and expand internet-native financial infrastructure across Africa. Issued through Circle’s regulated affiliates, USDC is a fully-reserved, transparent payment stablecoin redeemable 1:1 for U.S. dollars, powering programmable payments and financial applications worldwide.


Stablecoin use in Africa is growing rapidly, driven by mobile-first consumers, cross-border commerce, and a rapidly expanding digital economy. Together, Circle and Sasai Fintech will explore practical applications for USDC and how Circle’s full stack platform can support reducing costs, frictions and settlement time for Sasai’s enterprise and consumer customers.


Sasai Fintech operates across key payment corridors, offering a unified suite of digital financial services that enables business payments, facilitates cross-border transfers for individuals and remittance operators, and delivers innovative mobile wallet solutions. Through integration of USDC and Circle’s onchain infrastructure, these platforms can seamlessly connect users to the global financial system.


“Africa’s digital economy is entering a new era, propelled by entrepreneurship, a mobile-first generation, and the acceleration of intra-regional trade,” said Strive Masiyiwa, Founder and Executive Chairman at Cassava Technologies. “By integrating with the trusted and widely adopted USDC network, we can drive financial inclusion and open transformative opportunities for businesses and consumers alike.”


“Emerging markets are at the forefront of stablecoin adoption, and Africa represents a significant opportunity for internet-native innovation,” said Jeremy Allaire, Co-Founder, Chairman and CEO at Circle. “Working with Cassava, we can extend the benefits of USDC and onchain infrastructure into high-growth payment corridors to deliver always-on global connectivity.”


About Circle

Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through digital assets, payment applications, and programmable blockchain infrastructure. Circle’s platform includes the world’s largest stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation. Learn more at circle.com.


About Sasai Fintech

Sasai Fintech is a pan-African Digital Payments Solutions provider, delivering simplified and inclusive payment and stablecoin digital dollar solutions. We enable businesses to lead their customers into a smarter, digital future by addressing the realities of fragmented infrastructure, cross-border complexity, and financial inclusion.


Sasai connects businesses and individuals across borders, simplifying transactions, accelerating growth, and empowering everyday financial lives in high-growth, underserved markets.

www.sasaifintech.com


About Cassava

Cassava Technologies is a global technology leader of African heritage, providing a vertically integrated ecosystem of digital services and infrastructure, enabling digital transformation. Headquartered in the UK, Cassava has a presence across Africa, the Middle East, Latin America and the United States of America. Through its business units, namely, Cassava AI, Liquid Intelligent Technologies, Liquid C2, Africa Data Centres, and Sasai Fintech, the company provides its customers with products and services in 94 countries. These solutions drive the company’s ambition of establishing itself as a leading global technology company of African heritage. https://www.cassavatechnologies.com/

View source version on businesswire.com: https://www.businesswire.com/news/home/20260324573417/en/
Press

Press@circle.com

communication@sasaifintech.com


Original: Circle and Sasai Fintech Collaborate to Expand Access to USDC in Africa

Circle to Participate in Canaccord Genuity’s 6th Annual Digital Assets SymposiumMarch 6, 2026 8:00 AM
Business Wire
Circle Internet Group, Inc. (NYSE: CRCL) announced today that Jeremy Allaire, Co-Founder, Chairman and Chief Executive Officer, will participate in a fireside chat at Canaccord Genuity’s 6th Annual Digital Assets Symposium on Wednesday, March 11, 2026 at 10:00am ET.


A live webcast and replay of the event will be available on Circle’s Investor Relations website at www.circle.com/investors.


Disclosure Information

In addition to filings with the Securities and Exchange Commission (SEC), Circle uses its Investor Relations website (https://investor.circle.com), its blog (https://www.circle.com/blog), press releases (https://www.circle.com/pressroom), public conference calls and webcasts, its X feed (https://x.com/circle), and its LinkedIn page (https://www.linkedin.com/company/circle-internet-financial) as a means of disclosing material nonpublic information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these sites in addition to following Circle’s SEC filings.


About Circle Internet Group, Inc.

Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through programmable blockchain infrastructure, digital assets, and payment applications. Circle’s platform includes the world’s largest stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260306539658/en/
Press:

press@circle.com
Investors:

investors@circle.com


Original: Circle to Participate in Canaccord Genuity’s 6th Annual Digital Assets Symposium

This stock will be $1,238.37 with Clarity and Bank Trust with rewards.   Welcome to the new Visa. 

Circle Internet Group shares surge after fourth-quarter results top expectationsFebruary 25, 2026 8:45 AM
IH Market News
Shares of Circle Internet Group, Inc. (NYSE:CRCL) rose sharply in premarket trading after the company released quarterly results that exceeded analyst forecasts.The company reported fourth-quarter adjusted earnings per share of $0.43, ahead of the consensus estimate of $0.35. Total revenue and reserve income reached $770 million, beating expectations of $745 million and representing a 77% increase compared with the same period last year.USDC stablecoin circulation expanded to $75.3 billion by year-end, up 72% year on year, while onchain transaction volume jumped 247% during the quarter to $11.9 trillion. Adjusted EBITDA surged 412% year on year to $167 million. Net income from continuing operations totaled $133 million, an increase of $129 million versus the prior-year quarter.Shares climbed more than 10% in premarket trading following the announcement.“The fourth quarter marked another step forward in Circle’s mission to build the infrastructure for an open, programmable internet financial system,” said Jeremy Allaire, Co-Founder, Chief Executive Officer, and Chairman at Circle. “USDC adoption continued to expand globally as more enterprises, developers, and public institutions integrated digital dollars into real-world payments, treasury, and onchain financial workflows.”Looking ahead to fiscal 2026, Circle guided for other revenue in the range of $150 million to $170 million and adjusted operating expenses between $570 million and $585 million. The company expects a full-year RLDC margin of 38% to 40% and outlined multi-year targets for USDC circulation, aiming for a 40% compound annual growth rate through the cycle.For full-year fiscal 2025, Circle reported revenue of $2.7 billion, up 64% year on year. However, the company recorded a net loss from continuing operations of $70 million, largely driven by $424 million in stock-based compensation expenses tied to IPO-related vesting conditions.Circle Internet Group stock price

Original: Circle Internet Group shares surge after fourth-quarter results top expectations

Circle Reports Fourth Quarter and Full Fiscal Year 2025 Financial ResultsFebruary 25, 2026 6:25 AM
Business Wire
Circle Internet Group, Inc. (NYSE: CRCL) today announced results for the fourth quarter and full fiscal year 2025.


Fourth Quarter Highlights (Q4’25 vs. Q4’24)



USDC in circulation of $75.3 billion at year end grew 72%; USDC onchain transaction volume in Q4’25 of $11.9 trillion, up 247%



Total revenue and reserve income in Q4’25 of $770 million grew 77%



Net Income from continuing operations in Q4’25 of $133 million increased $129 million



Adjusted EBITDA in Q4’25 of $167 million grew 412%



Full Year Financial Highlights (FY25 vs. FY24)



Total revenue and reserve income in FY25 of $2.7 billion grew 64%



Net Loss from continuing operations in FY25 of $70 million, significantly impacted by $424 million for stock-based compensation related to vesting conditions met by our IPO, compared to Net Income from continuing operations in FY24 of $157 million



Adjusted EBITDA in FY25 of $582 million grew 104%



Business Highlights



Arc: Public testnet launched with 100+ participants spanning banking, capital markets, digital assets, payments, and technology. Testnet is performing strongly with near 100% uptime, half second transaction finality, and daily average transaction volumes of 2.3 million based on the trailing 30 days as of February 20, 2026. Total transactions have exceeded 166 million since testnet launch. Arc remains on track for mainnet launch this year.



Circle Payments Network (CPN) Expansion: 55 financial institutions enrolled and 74 going through eligibility reviews as of February 20, 2026. Activity has continued to grow with annualized transaction volume based on the trailing 30 day activity of $5.7 billion as of February 20, 2026.



Digital assets growth: EURC in circulation of €310 million at year end grew 284% year-over-year and 44% quarter-over-quarter; USYC assets of $1.5 billion at year end declined 6% year-over-year but grew 111% quarter-over-quarter, following our relaunch of USYC in early Q3’25.



Continued Momentum: Major enterprises continue adopting Circle’s infrastructure to enable safe, compliant use of stablecoins.


Visa announced that U.S. issuers and acquirers can fully settle with Visa using USDC, enabling continuous settlement outside of traditional banking hours.



Intuit launched a multi-year strategic partnership to integrate USDC and Circle’s supporting infrastructure across its platform.



We partnered with Polymarket, the largest prediction market in the world, to advance its use of USDC as the core collateral and settlement asset for their markets.



The Government of Bermuda announced plans to become the world’s first fully onchain national economy supported by Circle’s digital asset infrastructure.






National trust charter: In December, Circle received conditional approval from the Office of the Comptroller of the Currency to establish a national trust bank, further strengthening USDC infrastructure.



“The fourth quarter marked another step forward in Circle’s mission to build the infrastructure for an open, programmable internet financial system,” said Jeremy Allaire, Co-Founder, Chief Executive Officer, and Chairman at Circle. “USDC adoption continued to expand globally as more enterprises, developers, and public institutions integrated digital dollars into real-world payments, treasury, and onchain financial workflows. We saw strong engagement across our platform, meaningful progress toward launching Arc mainnet, continued growth in CPN TPV, and growing momentum for EURC and USYC. With increasing collaboration across traditional finance, fintech, and the public sector, Circle is helping build the infrastructure for a more open and resilient global financial system.”


Key Financial Results and Operating Indicators


The following table presents our key results and operating indicators, as well as the relevant GAAP measures, for the periods indicated:




Key Financial Results






Q4

2025






YoY

Change






FY

2025






YoY

Change








($ in millions unless noted otherwise)






 






 






 






 








Total Revenue and Reserve Income






$770






77%






$2,747






64%








Revenue Less Distribution Costs(1)






$309






136%






$1,083






64%








RLDC Margin(2)






40%






1,004bps






39%






12bps








Net Income (loss) from Continuing Operations






$133






NM






($70)






NM








Net Income (loss) from Continuing Operations Margin(3)






17%






NM






(3%)






NM








Adjusted EBITDA(4)






$167






412%






$582






104%








Adjusted EBITDA Margin(4)






54%






NM






54%






NM









 






 






 






 








Key Operating Indicators






Q4

2025






YoY

Change






FY

2025






YoY

Change








($ in billions unless noted otherwise)






 






 






 






 








USDC in Circulation, end of period






$75.3






72%






$75.3






72%








USDC in Circulation, average of period






$76.2






100%






$64.9






95%








Reserve Return Rate






3.8%






(68bps)






4.1%






(90bps)








USDC on Platform, end of period






$12.5






459%






$12.5






459%








USDC on Platform, daily weighted average percentage






17.8%






1,529bps






11.1%






899bps











NM = Not Meaningful.







(1)


Revenue Less Distribution Costs (RLDC) is calculated as Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs.







(2)


RLDC Margin is calculated as Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs as a percentage of Total Revenue and Reserve Income.







(3)


Net Income (loss) from Continuing Operations Margin is calculated as Net Income (loss) from Continuing Operations / Total Revenue and Reserve Income.







(4)


Refer to Non-GAAP Financial Measures for further details and a reconciliation of the GAAP to non-GAAP measures presented. Adjusted EBITDA Margin is calculated as Adjusted EBITDA / Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs.









 


Fourth Quarter 2025 Financial Highlights and Operating Results



Reserve Income of $733 million increased 69% year-over-year, primarily from 100% growth in average USDC in circulation, partially offset by a 68 bps decline in the reserve return rate.



Other Revenue of $37 million increased $34 million year-over-year as subscription and services revenue and transaction revenue grew strongly.



Total Distribution, Transaction and Other Costs of $461 million increased 52% year-over-year, due to increased distribution payments. Distribution costs in the prior year period included the previously disclosed one-time fee to a distribution partner of $60 million in November 2024.



Operating Expenses of $254 million increased 95% year-over-year, primarily driven by higher compensation expenses and general and administrative costs. The year-over-year comparison was impacted by a $48 million increase in stock-based compensation expense following our IPO, as well as a $23 million charge related to our first annual share contribution to the Circle Foundation.



Adjusted Operating Expenses of $144 million increased 32% year-over-year, primarily driven by higher cash compensation expenses, payroll tax expenses related to stock-based compensation which did not exist in the prior year period, as well as higher general and administrative expenses.



Net Income from continuing operations of $133 million increased $129 million year-over-year. Other income of $85 million increased $75 million year-over-year primarily driven by a benefit from the decrease in fair value of our convertible debt due to a lower stock price in the fourth quarter, gains on digital assets held for investments due to increases in underlying market prices, as well as an increase in interest income received on corporate cash balances. The prior year period included the one-time distribution cost.



Adjusted EBITDA of $167 million increased 412% year-over-year reflecting the revenue growth from higher USDC in circulation and the operating leverage inherent in our business model. The prior year period included the one-time distribution cost.



Other Platform Metrics




 






Q4

2025






YoY

Change






FY

2025






YoY

Change








(USDC related figures in $ billions; meaningful wallets in millions)







 






 






 








USDC Minted






$82.4






107%






$257.5






82%








USDC Redeemed






$80.9






157%






$226.1






85%








Stablecoin Market Share, end of period(1)






28%






426bps






28%






426bps








Meaningful Wallets, end of period(2)






6.8






59%






6.8






59%








(1)


Defined as the amount of USDC in circulation as a percentage of USD-denominated fiat-backed stablecoins in circulation above $100 million, according to CoinMarketCap.







(2)


Onchain digital asset wallets that hold more than $10 USDC.









 


Guidance


To give investors insight into our business and expectations, management is providing guidance on the following key performance indicators.




Key Indicator






Period






Guidance








USDC in Circulation






Multi-year through cycle






40% CAGR








Other Revenue






FY 2026






$150-$170M








RLDC Margin(1)






FY 2026






38-40%








Adjusted Operating Expenses(2)






FY 2026






$570-$585M








(1)


RLDC Margin is calculated as Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs as a percentage of Total Revenue and Reserve Income.







(2)


Refer to Non-GAAP Financial Measures for further details and a reconciliation of the GAAP to non-GAAP measures presented. Beginning in the first quarter of 2026, we have amended the definition of Adjusted Operating Expenses to exclude (a) payroll tax expense related to stock-based compensation, because these taxes are directly related to stock-based compensation expense which is already excluded from Adjusted Operating Expenses and these taxes are variable with our stock price and other factors outside of our control (which will also be reflected in Adjusted EBITDA), as well as (b) certain one-time legal expenses, acquisition-related costs, and where relevant, restructuring expenses, as they reflect the same adjustments as in Adjusted EBITDA. For FY25, payroll tax expense related to stock-based compensation totaled $20.6M, certain one-time legal expenses totaled $9.5 million and acquisition-related costs totaled $0.5 million.







Conference Call and Livestream Information


Circle will host a conference call to discuss the results for the fourth quarter and full fiscal year 2025 on February 25, 2026 at 8:00 am ET. Circle’s Investor Relations website at https://investor.circle.com will provide access to the live webcast, as well as a replay of the call and transcript shortly following earnings.


In addition to filings with the Securities and Exchange Commission, Circle uses its Investor Relations website (https://investor.circle.com), its blog (https://www.circle.com/blog), press releases (https://www.circle.com/pressroom), public conference calls and webcasts, its X feed (https://x.com/circle), and its Linkedin page (https://www.linkedin.com/company/circle-internet-financial) as a means of disclosing material nonpublic information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these sites in addition to following Circle’s SEC filings.


Forward-Looking Statements


This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial position, including our guidance for the year ending December 31, 2026; our plans with respect to the anticipated future expenses and investments; expectations relating to certain of our key financial and operating metrics; our business strategy and plans; expectations relating to legal and regulatory proceedings; expectations relating to our industry, the regulatory environment, market conditions, trends and growth; expectations relating to customer behaviors and preferences; our market position; potential market opportunities; and our objectives for future operations. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, but not limited to: intense and increasing competition; periods of uncertainty, loss of trust, or systemic shocks resulting in the potential for rapid redemption request, redemption delays and USDC reserves being insufficient to meet all redemption requests; operational challenges and risks related to the new innovation of digital assets and the blockchains that support them, including due to surges in demand; impact of disruptions in secondary marketplaces that facilitate the purchase and sale of digital assets; negative developments regarding other stablecoins that could adversely affect our business; impact of negative publicity regarding digital assets or the broader industry; impact of the GENIUS Act on our payment stablecoin ecosystem; impact of other laws and regulations, including the U.S. securities laws, that affect digital assets; impact of risks associated with the issuer, manager, and custodian of the Circle Reserve Fund, which holds a substantial amount of our USDC reserves; impact of tax examinations or disputes, or changes in tax laws; our failure to develop new products and services that gain market adoption and the substantial expenditures required to bring new products and services to market; impact of a significant disruption in our partners’ technology; our failure or our providers’ failure to safeguard customer funds and digital assets; impact of the loss or destruction of keys required to access any digital assets in custody for our own account or for our customers; our inability to maintain existing relationships with financial institutions and similar firms or enter into new relationships; the impact of credit risks with respect to our counterparties; our inability to maintain existing distribution and partnership arrangements or enter into additional distribution or partnership arrangements on less favorable financial terms; risks related to the Arc blockchain network, including that it may not be successful, and any potential launch of a native token poses additional risks; our dependence on a few key distributors of our digital assets; impact of the use of our products and services to exploit third parties or facilitate illegal activity; impact of any potential ineffectiveness of our compliance program, risk management methods, or internal controls; risks related to minting and redeeming; the importance of our brand, reputation, and intellectual property to our business and the cost of protecting them; impact of a disruption, failure or breach of our networks or systems, including as a result of cyber incidents or attacks; impact of the fluctuation of interest rates and currency exchange rates on our business; the fact that we are subject to an extensive and highly evolving regulatory landscape; impact of economic uncertainty or instability caused by political or geopolitical developments; and the fact that insiders continue to have substantial control over our business and could limit a stockholder’s ability to influence the outcome of key transactions, including a change of control. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results are, or will be included, in our filings we make with the SEC from time to time, including our Annual Report on Form 10-K for the year ended December 31, 2025 to be filed with the SEC following the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.


About Circle Internet Group, Inc.


Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through programmable blockchain infrastructure, digital assets, and payment applications. Circle’s platform includes the world’s largest stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation.


CIRCLE INTERNET GROUP, INC. – CONSOLIDATED BALANCE SHEETS




(in $ thousands, except share information)






 






December 31,

2025






 






December 31,

2024








 






 






 






 






 








ASSETS






 






 






 






 








Current assets:






 






 






 






 








Cash and cash equivalents






 






$






1,526,046






 






 






$






750,981






 








Cash and cash equivalents segregated for corporate-held stablecoins






 






 






822,963






 






 






 






294,493






 








Cash and cash equivalents segregated for the benefit of stablecoin holders






 






 






75,067,932






 






 






 






43,918,572






 








Accounts receivable, net






 






 






62,866






 






 






 






6,418






 








Stablecoins receivable, net






 






 






—






 






 






 






6,957






 








Prepaid expenses and other current assets






 






 






321,660






 






 






 






187,528






 








Total current assets






 






 






77,801,467






 






 






 






45,164,949






 








Non-current assets:






 






 






 






 








Restricted cash






 






 






2,792






 






 






 






3,558






 








Investments






 






 






84,265






 






 






 






84,114






 








Fixed assets, net






 






 






22,791






 






 






 






18,682






 








Digital assets






 






 






86,515






 






 






 






31,330






 








Goodwill






 






 






265,742






 






 






 






169,544






 








Intangible assets, net






 






 






411,146






 






 






 






331,394






 








Deferred tax assets, net






 






 






11,110






 






 






 






10,223






 








Other non-current assets






 






 






27,379






 






 






 






20,615






 








Total assets






 






$






78,713,207






 






 






$






45,834,409






 








LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY






 






 






 






 








Current liabilities:






 






 






 






 








Deposits from stablecoin holders






 






$






74,912,567






 






 






$






43,727,363






 








Accounts payable and accrued expenses






 






 






360,609






 






 






 






287,007






 








Convertible debt, net of debt discount






 






 






36,821






 






 






 






—






 








Other current liabilities






 






 






18,398






 






 






 






16,597






 








Total current liabilities






 






 






75,328,395






 






 






 






44,030,967






 








Non-current liabilities:






 






 






 






 








Convertible debt, net of debt discount






 






 






—






 






 






 






40,717






 








Deferred tax liabilities, net






 






 






28,702






 






 






 






29,559






 








Warrant liability






 






 






—






 






 






 






1,591






 








Other non-current liabilities






 






 






25,337






 






 






 






21,281






 








Total non-current liabilities






 






 






54,039






 






 






 






93,148






 








Total liabilities






 






$






75,382,434






 






 






$






44,124,115






 








 






 






 






 






 








 






 






 






 






 








Commitments and contingencies

Redeemable convertible preferred stock






 






 






 






 








Redeemable convertible preferred stock ($0.0001 par value, nil and 139.8 million shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; aggregate liquidation preference of nil and $1.1 billion as of December 31, 2025 and December 31, 2024, respectively)






 






 






—






 






 






 






1,139,765






 








Stockholders’ equity






 






 






 






 








Class A common stock ($0.0001 par value; 2.5 billion and 300.0 million authorized as of December 31, 2025 and December 31, 2024, respectively; 223.6 million and 56.4 million issued and outstanding as of December 31, 2025 and December 31, 2024, respectively)






 






 






24






 






 






 






6






 








Class B common stock ($0.0001 par value; 500.0 million and nil authorized as of December 31, 2025 and December 31, 2024, respectively; 18.7 million and nil issued and outstanding as of December 31, 2025 and December 31, 2024, respectively)






 






 






2






 






 






 






—






 








Class C common stock ($0.0001 par value; 500.0 million and nil authorized as of December 31, 2025 and December 31, 2024, respectively; nil issued and outstanding as of December 31, 2025 and December 31, 2024)






 






 






—






 






 






 






—






 








Treasury stock at cost (4.7 million and 5.0 million shares held as of December 31, 2025 and December 31, 2024, respectively)






 






 






(2,721






)






 






 






(2,877






)








Additional paid-in capital






 






 






4,610,216






 






 






 






1,792,969






 








Accumulated deficit






 






 






(1,292,709






)






 






 






(1,223,213






)








Accumulated other comprehensive income






 






 






14,515






 






 






 






3,644






 








Total stockholders’ equity attributable to common stockholders






 






 






3,329,327






 






 






 






570,529






 








Noncontrolling interests






 






 






1,446






 






 






 






—






 








Total stockholders’ equity






 






 






3,330,773






 






 






 






570,529






 








Total liabilities, redeemable convertible preferred stock and stockholders’ equity






 






$






78,713,207






 






 






$






45,834,409






 















 










 


CIRCLE INTERNET GROUP, INC. – CONSOLIDATED STATEMENTS OF OPERATIONS




(in thousands, except per share information)






 






Three Months Ended






Year Ended








 






(unaudited)






 








 






December 31,

2025






 






December 31,

2024






 






December 31,

2025






 






December 31,

2024






 








Revenue and reserve income






 






 






 






 






 






 






 






 






 








Reserve income






 






$






733,396






 






 






$






432,967






 






 






$






2,636,822






 






 






$






1,661,084






 






 








Other revenue






 






 






36,836






 






 






 






2,400






 






 






 






109,820






 






 






 






15,169






 






 








Total revenue and reserve income






 






 






770,232






 






 






 






435,367






 






 






 






2,746,642






 






 






 






1,676,253






 






 








Distribution, transaction and other costs






 






 






 






 






 






 






 






 






 








Distribution and transaction costs






 






 






460,566






 






 






 






303,746






 






 






 






1,661,549






 






 






 






1,010,811






 






 








Other costs






 






 






884






 






 






 






801






 






 






 






2,102






 






 






 






6,553






 






 








Total distribution, transaction and other costs






 






 






461,450






 






 






 






304,547






 






 






 






1,663,651






 






 






 






1,017,364






 






 








Operating expenses






 






 






 






 






 






 






 






 






 








Compensation expenses






 






 






136,571






 






 






 






69,388






 






 






 






844,878






 






 






 






263,410






 






 








General and administrative expenses






 






 






70,971






 






 






 






37,700






 






 






 






190,272






 






 






 






137,283






 






 








Depreciation and amortization expenses






 






 






25,536






 






 






 






13,507






 






 






 






76,627






 






 






 






50,854






 






 








IT infrastructure costs






 






 






10,805






 






 






 






7,036






 






 






 






36,638






 






 






 






27,109






 






 








Marketing expenses






 






 






8,325






 






 






 






6,488






 






 






 






25,718






 






 






 






17,326






 






 








Digital assets losses (gains)






 






 






1,387






 






 






 






(4,093






)






 






 






5,293






 






 






 






(4,251






)






 








Total operating expenses






 






 






253,595






 






 






 






130,026






 






 






 






1,179,426






 






 






 






491,731






 






 








Operating income (loss) from continuing operations






 






 






55,187






 






 






 






794






 






 






 






(96,435






)






 






 






167,158






 






 








Other income (expense), net






 






 






84,995






 






 






 






9,573






 






 






 






(6,458






)






 






 






54,416






 






 








Net income (loss) from continuing operations before income taxes






 






 






140,182






 






 






 






10,367






 






 






 






(102,893






)






 






 






221,574






 






 








Income tax expense (benefit)






 






 






6,776






 






 






 






5,934






 






 






 






(33,375






)






 






 






64,583






 






 








Net income (loss) from continuing operations






 






 






133,406






 






 






 






4,433






 






 






 






(69,518






)






 






 






156,991






 






 








Loss from operations of discontinued businesses






 






 






-






 






 






 






(1,324






)






 






 






-






 






 






 






(1,324






)






 








Net income (loss)






 






 






133,406






 






 






 






3,109






 






 






 






(69,518






)






 






 






155,667






 






 








Less: Net loss attributable to noncontrolling interests






 






 






(10






)






 






 






-






 






 






 






(10






)






 






 






-






 






 








Net income (loss) attributable to common stockholders






 






$






133,416






 






 






$






3,109






 






 






$






(69,508






)






 






$






155,667






 






 








 






 






 






 






 






 






 






 






 






 








Earnings (loss) per share attributable to common stockholders:






 






 






 






 






 






 






 






 






 








Basic earnings (loss) per common share attributable to common stockholders:






 






 






 






 






 






 






 






 






 








Continuing operations






 






$






0.56






 






 






$






0.00






 






 






$






(0.44






)






 






$






0.33






 






 








Discontinued operations






 






 






-






 






 






$






(0.00






)






 






 






-






 






 






$






(0.00






)






 








Basic earnings (loss) per common share attributable to common stockholders






 






$






0.56






 






 






$






0.00






 






 






$






(0.44






)






 






$






0.33






 






 








 






 






 






 






 






 






 






 






 






 








Diluted earnings (loss) per common share attributable to common stockholders:






 






 






 






 






 






 






 






 






 








Continuing operations






 






$






0.43






 






 






$






0.00






 






 






$






(0.44






)






 






$






0.30






 






 








Discontinued operations






 






 






-






 






 






$






(0.00






)






 






 






-






 






 






$






(0.00






)






 








Diluted earnings (loss) per common share attributable to common stockholders






 






$






0.43






 






 






$






0.00






 






 






$






(0.44






)






 






$






0.30






 






 








 






 






 






 






 






 






 






 






 






 








Weighted-average shares used in computing earnings (loss) per share attributable to common stockholders:






 






 






 






 






 






 






 






 






 








Basic






 






 






236,676






 






 






 






54,722






 






 






 






158,699






 






 






 






54,413






 






 








Diluted






 






 






267,804






 






 






 






70,869






 






 






 






158,699






 






 






 






73,042






 






 
















 


Quarterly & Annual Results of Operations


The following table summarizes certain key financial performance measures derived from our unaudited quarterly consolidated statements of operations data for each of the three months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025, and December 31, 2025. The information for each of these periods has been prepared on the same basis as our audited annual consolidated financial statements and, in the opinion of management, reflects all adjustments of a normal, recurring nature that are necessary for the fair statement of the results of operations for these periods.




 






Three months ended








(in $ millions, except RLDC Margin and Net Reserve Margin)?






December 31,

2025?






September 30,

2025?






June 30,

2025?






March 31,

2025?






December 31, ??

2024?








?Reserve Income






$?






733






$






711?






$?






634






$?






558






$?






433








Other Revenue






?? ??






37






?? ??






2?9






?? ????






24






???






21






? ??






??2








Total Revenue and ?Reserve Income






$






770






$






740






$??






658






$?






579






$?






435








Distribution and Transaction Costs






??$??






461






??$?






447






??$??






406






$??






347






?$??






304








Other Costs






??






??1






?? ??






0






?? ??






0






 






0






? ??






1








Total Distribution, ?Transaction and Other ?Costs






$






461






$?






448






$?






407






$??






348






$?






305







Total Revenue and Reserve Income less Total Distribution, Transaction ?and Other Costs

?$?






309






?$???






292






?$?






251??






?$?






231






?$???






131








RLDC Margin(1)






?






40%






?






39%






?






38%






 






40%






?






30%








Net Reserve Margin(2)






 






37%?






?






37%






?






36%






?






38%






?






30%








 






 







 







 







 







 










Note: Figures presented may not sum precisely due to rounding.







(1)


RLDC Margin is calculated as Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs as a percentage of Total Revenue and Reserve Income.







(2)


Net Reserve Margin is Reserve Income less Distribution and Transaction Costs as a percentage of Reserve Income.









 


The following table summarizes certain key financial performance measures derived from our annual consolidated statements of operations data for the years ended December 31, 2024, and December 31, 2025.




 






Year ended








(in $ millions, except RLDC Margin and Net Reserve Margin)?






December 31,

2025?






December 31, ?

2024?








?Reserve Income






$?






2,637






$?






1,661








Other Revenue






??






?110






? ??






15








Total Revenue and ?Reserve Income






$






?2,747






$?






1,676








Distribution and Transaction Costs






$






1,662






?$






1,011








Other Costs






 






2






?






7








Total Distribution, ?Transaction and Other ?Costs






$?






1,664






$??






1,017







Total Revenue and Reserve Income less Total Distribution, Transaction ?and Other Costs

$?






1,083






$??






659







RLDC Margin(1)


39%






 






39%








Net Reserve Margin(2)






?






37%






?






39%








 






 







 












Note: Figures presented may not sum precisely due to rounding.







(1)


RLDC Margin is calculated as Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs as a percentage of Total Revenue and Reserve Income.







(2)


Net Reserve Margin is Reserve Income less Distribution and Transaction Costs as a percentage of Reserve Income.









 


Non-GAAP Financial Measures


We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, Adjusted EBITDA and Adjusted Operating Expenses are non-GAAP financial measures regarding our operational performance.


Management and our board of directors use non-GAAP financial measures to (i) monitor and evaluate the growth and performance of our business operations, (ii) evaluate our historical and prospective financial performance as well as our performance relative to our competitors, (iii) review and assess the performance of our management team and other employees, and (iv) prepare budgets and evaluate strategic investments. Accordingly, we believe that non-GAAP measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Non-GAAP financial measures, including Adjusted EBITDA and Adjusted Operating Expenses, have limitations as financial measures and should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with GAAP.


Adjusted EBITDA


Adjusted EBITDA is calculated as net income (loss) from continuing operations excluding: net income (loss) attributable to noncontrolling interests, depreciation and amortization expenses; interest expense, net of amortization of discounts and premiums; interest income; income tax expense (benefit); stock-based compensation expense; certain legal expenses; realized and unrealized (gains) losses, net, on digital assets held for investment, other related investments and strategic investments; realized (gains) losses on available-for-sale debt securities; impairment losses on strategic investments; restructuring expenses; acquisition-related costs; change in fair value of convertible debt, warrant liability, and embedded derivatives; charitable contributions to Circle Foundation; losses on sale of long-lived assets; and foreign currency exchange loss (gain).


We believe it is useful to exclude non-cash charges, such as depreciation and amortization, stock-based compensation expense, and change in fair value of various financial instruments from Adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude income tax expense (benefit), interest income, interest expense, and non-routine items as these items are not components of our core business operations.


Adjusted Operating Expenses


Adjusted Operating Expenses excludes depreciation and amortization, charitable contributions to Circle Foundation, digital assets losses (gains), and stock-based compensation. Beginning in the first quarter of 2026, we have amended the definition of Adjusted Operating Expenses to exclude (a) payroll tax expense related to stock-based compensation, because these taxes are directly related to stock-based compensation expense which is already excluded from Adjusted Operating Expenses and these taxes are variable with our stock price and other factors outside of our control (which will also be reflected in Adjusted EBITDA), as well as (b) certain one-time legal expenses, acquisition-related costs, and where relevant, restructuring expenses, as they reflect the same adjustments as in Adjusted EBITDA.


We believe it is useful to exclude certain non-cash charges from Adjusted Operating Expenses because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations.


We have provided a reconciliation below of Adjusted EBITDA to Net Income (loss) from Continuing Operations and of Adjusted Operating Expenses to Operating Expenses, in each case, the most directly comparable GAAP financial measure.


CIRCLE INTERNET GROUP, INC. – RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS) FROM CONTINUING OPERATIONS




(in $ thousands)







Three Months Ended








 







December 31, 2025







September 30, 2025







June 30, 2025







March 31, 2025







December 31, 2024








Net income (loss) from continuing operations







$






133,406






 







$






214,385






 







$






(482,100






)







$






64,791






 







$






4,433






 








Less: Net loss attributable to noncontrolling interests







 






(10






)







 






-






 







 






-






 







 






-






 







 






-






 








Net income (loss) from continuing operations attributable to common stockholders







$






133,416






 







$






214,385






 







$






(482,100






)







$






64,791






 







$






4,433






 








Adjusted for:







 







 







 







 







 








Depreciation and amortization expenses







 






25,536






 







 






23,002






 







 






14,209






 







 






13,880






 







 






13,507






 








 




Interest expense, net of amortization of discounts and premiums







 






193






 







 






354






 







 






344






 







 






335






 







 






357






 








Interest income(1)







 






(16,302






)







 






(13,453






)







 






(9,952






)







 






(7,965






)







 






(8,646






)








Income tax expense (benefit)







 






6,776






 







 






(61,294






)







 






(3,903






)







 






25,046






 







 






5,934






 








Stock-based compensation expense







 






59,414






 







 






59,081






 







 






434,966






 







 






12,716






 







 






11,142






 








Legal expenses(2)







 






2,875






 







 






3,014






 







 






1,706






 







 






1,905






 







 






4,834






 








Realized and unrealized (gains) losses, net, on digital assets held for investment, other related investments and strategic investments







 






(25,074






)







 






(2,267






)







 






(5,738






)







 






8,263






 







 






(4,470






)








Realized (gains) on available-for-sale debt securities







 






-






 







 






-






 







 






-






 







 






-






 







 






(75






)








Impairment losses on strategic investments







 






-






 







 






500






 







 






506






 







 






-






 







 






1,580






 








Acquisition-related costs(3)







 






-






 







 






-






 







 






-






 







 






535






 







 






1,054






 








Change in fair value of convertible debt, warrant liability, and embedded derivatives







 






(42,472






)







 






(56,212






)







 






167,724






 







 






2,382






 







 






4,225






 








Charitable contributions to Circle Foundation(4)







 






23,149






 







 






-






 







 






-






 







 






-






 







 






-






 








Losses on sale of long-lived assets







 






-






 







 






6






 







 






4






 







 






12






 







 






7






 








Foreign currency exchange (gain) loss







 






(29






)







 






(655






)







 






8,067






 







 






539






 







 






(1,157






)








Adjusted EBITDA







$






167,482






 







$






166,461






 







$






125,833






 







$






122,439






 







$






32,725






 








(1)


Reflects interest income from corporate cash and cash and cash equivalents balances. For the avoidance of doubt, this amount does not include the impact of reserve income.







(2)


Reflects litigation expenses related to the FT Partners litigation, legal and settlement expenses related to legacy businesses, and legal fees and other costs related to the one-time establishment of new governance structures to comply with U.S. regulatory requirements.







(3)


Reflects one-time legal and professional services costs related to the Hashnote acquisition.







(4)


Reflects the charge related to the charitable contribution of shares of our Class A common stock for the benefit of Circle Foundation, a donor-advised fund.









 




 


CIRCLE INTERNET GROUP, INC. – RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS) FROM CONTINUING OPERATIONS




(in $ thousands)







Year Ended








 







December 31, 2025







December 31, 2024








Net income (loss) from continuing operations







$






(69,518






)







$






156,991






 








Less: Net loss attributable to noncontrolling interests







 






(10






)







 






-






 








Net income (loss) from continuing operations attributable to common stockholders







$






(69,508






)







$






156,991






 








Adjusted for:







 







 








Depreciation and amortization expenses







 






76,627






 







 






50,854






 








Interest expense, net of amortization of discounts and premiums







 






1,226






 







 






1,906






 








Interest income(1)







 






(47,672






)







 






(34,712






)








Income tax expense (benefit)







 






(33,375






)







 






64,583






 








Stock-based compensation expense







 






566,177






 







 






50,134






 








Legal expenses (2)







 






9,500






 







 






9,281






 








Realized and unrealized (gains) losses, net, on digital assets held for investment, other related investments and strategic investments







 






(24,816






)







 






(9,464






)








Realized (gains) on available-for-sale debt securities







 






-






 







 






(88






)








Impairment losses on strategic investments







 






1,006






 







 






2,358






 








Restructuring expenses(3)







 






-






 







 






3,186






 








Acquisition-related costs(4)







 






535






 







 






1,054






 








Change in fair value of convertible debt, warrant liability, and embedded derivatives







 






71,422






 







 






(11,653






)








Charitable contributions to Circle Foundation(5)







 






23,149






 







 






-






 








Losses on sale of long-lived assets







 






22






 







 






73






 








Foreign currency exchange loss







 






7,922






 







 






368






 








Adjusted EBITDA







$






582,215






 







$






284,871









(1)


Reflects interest income from corporate cash and cash and cash equivalents balances. For the avoidance of doubt, this amount does not include the impact of reserve income.







(2)


Reflects litigation expenses related to the FT Partners litigation, legal and settlement expenses related to legacy businesses, and legal fees and other costs related to the one-time establishment of new governance structures to comply with U.S. regulatory requirements.







(3)


Reflects one-time restructuring expenses incurred in connection with our change in domicile from the Republic of Ireland to the State of Delaware.







(4)


Reflects one-time legal and professional services costs related to the Hashnote acquisition.







(5)


Reflects the charge related to the charitable contribution of shares of our Class A common stock for the benefit of Circle Foundation, a donor-advised fund.









 




 


CIRCLE INTERNET GROUP, INC. – RECONCILIATION OF ADJUSTED OPERATING EXPENSES TO OPERATING EXPENSES




(in $ thousands)







Three Months Ended








 







December 31,

2025






 






September 30,

025






 






June 30,

2025






 






March 31,

2025






 






December 31,

2024








Operating expenses







$






253,595






 







$






211,127






 







$






576,718






 







$






137,986






 







$






130,026






 








Adjusted for:







 







 







 







 







 








Stock-based compensation expense(1)







 






(59,414






)







 






(59,081






)







 






(434,966






)







 






(12,716






)







 






(11,142






)








Depreciation and amortization expenses(2)







 






(25,536






)







 






(23,002






)







 






(14,209






)







 






(13,880






)







 






(13,507






)








Digital assets losses (gains)(3)







 






(1,387






)







 






1,671






 







 






693






 







 






(6,270






)







 






4,093






 








Charitable contributions to Circle Foundation(4)







 






(23,149






)







 






-






 







 






-






 







 






-






 







 






-






 








Adjusted Operating Expenses (prior definition)







$






144,109






 







$






130,715






 







$






128,236






 







$






105,120






 







$






109,470






 








Adjusted for:







 







 







 







 







 








Payroll tax expense related to stock-based compensation(5)







 






(8,428






)







 






(5,015






)







 






(7,164






)







 






-






 







 






-






 








Legal expenses (6)







 






(2,875






)







 






(3,014






)







 






(1,706






)







 






(1,905






)







 






(4,834






)








Acquisition-related costs(7)







 






-






 







 






-






 







 






-






 







 






(535






)







 






(1,054






)








Adjusted Operating Expenses (new definition)







$






132,806






 







$






122,686






 







$






119,366






 







$






102,680






 







$






103,582









(1)


Stock-based compensation expense represents equity compensation, a non-cash expense.







(2)


Depreciation and amortization expenses include depreciation of fixed assets, and amortization of capitalized engineering costs and intangible assets.







(3)


Digital assets losses (gains) represent the fair value losses/gains of digital assets, a non-cash expense.







(4)


Charitable contributions to Circle Foundation reflects the charge related to the charitable contribution of shares of our Class A common stock for the benefit of Circle Foundation, a donor-advised fund.







(5)


Reflects payroll tax expenses related to equity compensation, a non-cash expense.







(6)


Reflects litigation expenses related to the FT Partners litigation, legal and settlement expenses related to legacy businesses, and legal fees and other costs related to the one-time establishment of new governance structures to comply with U.S. regulatory requirements.







(7)


Reflects one-time legal and professional services costs related to the Hashnote acquisition.









 




 


CIRCLE INTERNET GROUP, INC. – RECONCILIATION OF ADJUSTED OPERATING EXPENSES TO OPERATING EXPENSES




(in $ thousands)







Year Ended








 







December 31,

2025







December 31,

2024








Operating expenses







$






1,179,426






 







$






491,731






 








Adjusted for:







 







 








Stock-based compensation expense(1)







 






(566,177






)







 






(50,134






)








Depreciation and amortization expenses(2)







 






(76,627






)







 






(50,854






)








Digital assets losses (gains)(3)







 






(5,293






)







 






4,251






 








Charitable contributions to Circle Foundation(4)







 






(23,149






)







 






-






 








Adjusted Operating Expenses (prior definition)







$






508,180






 







$






394,994






 








Adjusted for:







 







 








Payroll tax expense related to stock-based compensation(5)







 






(20,607






)







 






-






 








Legal expenses (6)







 






(9,500






)







 






(9,281






)








Acquisition-related costs(7)







 






(535






)







 






(1,054






)








Restructuring expenses(8)







 






-






 







 






(3,186






)








Adjusted Operating Expenses (new definition)







$






477,538






 







$






381,473






 








(1)


Stock-based compensation expense represents equity compensation, a non-cash expense.







(2)


Depreciation and amortization expenses include depreciation of fixed assets, and amortization of capitalized engineering costs and intangible assets.







(3)


Digital assets losses (gains) represent the fair value losses/gains of digital assets, a non-cash expense.







(4)


Charitable contributions to Circle Foundation reflects the charge related to the charitable contribution of shares of our Class A common stock for the benefit of Circle Foundation, a donor-advised fund.







(5)


Reflects payroll tax expenses related to equity compensation, a non-cash expense.







(6)


Reflects litigation expenses related to the FT Partners litigation, legal and settlement expenses related to legacy businesses, and legal fees and other costs related to the one-time establishment of new governance structures to comply with U.S. regulatory requirements.







(7)


Reflects one-time legal and professional services costs related to the Hashnote acquisition.







(8)


Reflects one-time restructuring expenses incurred in connection with our change in domicile from the Republic of Ireland to the State of Delaware.









 


CIRCLE INTERNET GROUP, INC. – FORWARD GUIDANCE RECONCILIATION OF ADJUSTED OPERATING EXPENSES TO OPERATING EXPENSES




(in $ millions)






FY26








 






Low







High








Operating expenses






$






929






 







$






994






 








Adjusted for:






 







 








Stock-based compensation expense(1)






 






(219






)







 






(249






)








Depreciation and amortization expenses(2)






 






(108






)







 






(118






)








Digital assets losses (gains)(3)






 






-






 







 






-






 








Charitable contributions to Circle Foundation(4)






 






(17






)







 






(17






)








Legal expenses(5)






 






(7






)







 






(17






)








Acquisition-related costs(6)






 






(8






)







 






(8






)








Adjusted Operating Expenses (new definition)






$






570






 







$






585






 








(1)


Stock-based compensation expense represents equity compensation and associated payroll taxes. The range of guidance depends on incremental headcount through the rest of the year and stock price.







(2)


Depreciation and amortization expense includes depreciation of fixed assets, and amortization of capitalized engineering costs and intangible assets. The range of the guidance depends on capitalization rates, total SBC and cash compensation throughout the rest of the year.







(3)


Digital assets losses (gains) represent the year to date fair value losses/gains of digital assets, a non-cash expense, and we are not forecasting the amounts in 2026.







(4)


Charitable contributions to Circle Foundation represents our anticipated transfer of 268,239 shares of Class A common stock to the Donor Advised Fund for the Circle Foundation and is a non-cash expense arising from donating the company’s equity. The amount is estimated as at the closing stock price of CRCL on February 20, 2026 ($63.02), however, such amount will be dependent on the stock price on the date of the transfer of the applicable shares, which is expected to occur in substantially equal quarterly installments throughout 2026.







(5)


Represents estimated fees associated with specific nonrecurring costs, including the one-time implementation of new governance structures to meet U.S. regulatory requirements.







(6)


Reflects special one-time compensation related to an acquihire that closed in Q1’26.







 

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Original: Circle Reports Fourth Quarter and Full Fiscal Year 2025 Financial Results