Circle Internet Group, Inc.

For the period ended Jun 30, 2025. Filed Aug 12, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 12, 2025

CRCL$67.56-0.5%Stored close · as of Nov 9, 2026

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Contents

Condensed Consolidated Balance Sheets

(in thousands, except share information)	June 30,2025	December 31,2024
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$1,118,119	$750,981
Cash and cash equivalents segregated for corporate-held stablecoins	588,271	294,493
Cash and cash equivalents segregated for the benefit of stablecoin holders	61,365,920	43,918,572
Accounts receivable, net	13,215	6,418
Stablecoins receivable, net	—	6,957
Prepaid expenses and other current assets	216,604	187,528
Total current assets	63,302,129	45,164,949
Non-current assets:
Restricted cash	3,210	3,558
Investments	83,794	84,114
Fixed assets, net	23,804	18,682
Digital assets	35,113	31,330
Goodwill	266,384	169,544
Intangible assets, net	396,969	331,394
Deferred tax assets, net	17,472	10,223
Other non-current assets	24,633	20,615
Total assets	$64,153,508	$45,834,409
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$411,560	$287,007
Deposits from stablecoin holders	61,101,523	43,727,363
Convertible debt, net of debt discount	206,140	—
Other current liabilities	11,211	16,597
Total current liabilities	61,730,434	44,030,967
Non-current liabilities:
Convertible debt, net of debt discount	—	40,717
Deferred tax liabilities, net	31,812	29,559
Warrant liability	—	1,591
Other non-current liabilities	20,431	21,281
Total non-current liabilities	52,243	93,148
Total liabilities	61,782,677	44,124,115

CONDENSED CONSOLIDATED BALANCE SHEETS (continued)

Commitments and contingencies (see Note 22)
Redeemable convertible preferred stock
Redeemable convertible preferred stock ($0.0001 par value, nil and 139.8 million shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; aggregate liquidation preference of nil and $1.1 billion as of June 30, 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 June 30, 2025 and December 31, 2024, respectively; 209.0 million and 56.4 million issued and outstanding as of June 30, 2025 and December 31, 2024, respectively)	23	6
Class B common stock ($0.0001 par value; 500.0 million and nil authorized as of June 30, 2025 and December 31, 2024, respectively; 19.6 million and nil issued and outstanding as of June 30, 2025 and December 31, 2024, respectively)	2	—
Class C common stock ($0.0001 par value; 500.0 million and nil authorized as of June 30, 2025 and December 31, 2024, respectively; nil issued and outstanding as of June 30, 2025 and December 31, 2024, respectively)	—	—
Treasury stock at cost (5.0 million shares held as of June 30, 2025 and December 31, 2024)	(2,877)	(2,877)
Additional paid-in capital	3,998,827	1,792,969
Accumulated deficit	(1,640,510)	(1,223,213)
Accumulated other comprehensive income	15,366	3,644
Total stockholders’ equity	2,370,831	570,529
Total liabilities, redeemable convertible preferred stock and stockholders’ equity	$64,153,508	$45,834,409

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.