CRCL on NYSE

Circle Internet Group, Inc.

American finance services company based in New York, incorporated in Delaware.

Price unavailable

Last updated Oct 18, 2026.

Overview

$109.8MRevenue, fiscal 2025²

-$69.5MNet income, fiscal 2025²

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TickerCRCL on NYSE
IndustryFinance Services
HeadquartersNew York, United States
Incorporated inDE³
Business addressOne World Trade Center, New York, Ny 10007³
Filer categoryNon-accelerated filer³

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-87.8%Operating margin²

-63.3%Net margin²

624.0%Revenue growth, 2025²

-2.1%Return on equity²

$529.7MFree cash flow²

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Subscription And Services brought in 77% of the revenue Circle Internet Group, Inc. broke down this way in fiscal 2025.

Subscription And Services$84.8M²77%up 1300% from 2024
Transaction Revenue$24.3M²22%up 753% from 2024
Other Services$702.0K²1%down 89% from 2024

Products and services by year

Products and services	2023	2024	2025
Subscription And Services	$7.0M	$6.1M	$84.8M
Transaction Revenue	$546.0K	$2.9M	$24.3M
Other Services	$12.3M	$6.3M	$702.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costsIncome tax

Other costs70¢$76.4M
Income tax30¢$33.4M

Out of $109.8M in revenue.² The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

Kept or used elsewhere

Capital spending2¢$12.4M
Kept or used elsewhere98¢$529.7M

Out of $542.1M of cash from operations.²

Financial statements

Revenue²$109.8M in 2025+453% since 2023

Operating income²-$96.4M in 2025

Net income²-$69.5M in 2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.²

Period ending	2025-12-31	2024-12-31	2023-12-31
Reserve income	$2.6B	$1.7B	$1.4B
Other revenue	$109.8M	$15.2M	$19.9M
Total revenue and reserve income	$2.7B	$1.7B	$1.5B
Distribution and transaction costs	$1.7B	$1.0B	$719.8M
Other costs	$2.1M	$6.6M	$7.9M
Total distribution, transaction and other costs	$1.7B	$1.0B	$727.7M
Compensation expenses	$844.9M	$263.4M	$296.1M
General and administrative expenses	$190.3M	$137.3M	$100.1M
Depreciation and amortization expenses	$76.6M	$50.9M	$34.9M
IT infrastructure costs	$36.6M	$27.1M	$20.7M
Marketing expenses	$25.7M	$17.3M	$36.5M
Gain on sale of intangible assets	$0	$0	-$21.6M
Digital assets losses (gains)	$5.3M	-$4.3M	-$13.5M
Total operating expenses	$1.2B	$491.7M	$453.2M
Operating income (loss) from continuing operations	-$96.4M	$167.2M	$269.5M
Other income (expense), net	-$6.5M	$54.4M	$49.4M
Net income (loss) from continuing operations before income taxes	-$102.9M	$221.6M	$318.9M
Income tax expense (benefit)	-$33.4M	$64.6M	$47.4M
Net income (loss) from continuing operations	-$69.5M	$157.0M	$271.5M
Loss from operations of discontinued businesses	$0	-$1.3M	-$4.0M
Net income (loss) attributable to common stockholders	-$69.5M	$155.7M	$267.6M
Less: Net loss attributable to noncontrolling interests	-$10.0K	$0	$0
Net income	-$69.5M	$155.7M	$267.6M
Continuing operations (in dollars per share)	-$0	$0	$1
Discontinued operations (in dollars per share)	$0	$0	$0
Basic earnings (loss) per common share (in dollars per share)	-$0.44	$0.33	$0.95
Continuing operations (in dollars per share)	-$0	$0	$1
Discontinued operations (in dollars per share)	$0	$0	$0
Diluted earnings (loss) per common share (in dollars per share)	-$0.44	$0.30	$0.78
Basic (in shares)	158.7M shares	54.4M shares	47.3M shares
Diluted (in shares)	158.7M shares	73.0M shares	67.5M shares

Total assets²$78.7B in 2025+72% since 2024

Total liabilities²$75.4B in 2025+71% since 2024

Shareholders’ equity²$3.3B in 2025

Cash²$1.5B in 2025−96% since 2022

Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.²

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash and cash equivalents	$1.5B	$751.0M	$368.6M
Cash and cash equivalents segregated for corporate-held stablecoins	$823.0M	$294.5M	$275.8M
Cash and cash equivalents segregated for the benefit of stablecoin holders	$75.1B	$43.9B	$24.3B
Accounts receivable, net	$62.9M	$6.4M
Stablecoins receivable, net	$0	$7.0M
Prepaid expenses and other current assets	$321.7M	$187.5M
Total current assets	$77.8B	$45.2B
Restricted cash	$2.8M	$3.6M	$3.6M
Investments	$84.3M	$84.1M
Fixed assets, net	$22.8M	$18.7M
Digital assets	$86.5M	$31.3M	$11.3M
Goodwill	$265.7M	$169.5M	$169.5M
Intangible assets, net	$411.1M	$331.4M
Deferred tax assets, net	$11.1M	$10.2M
Other non-current assets	$27.4M	$20.6M
Total assets	$78.7B	$45.8B
Deposits from stablecoin holders	$74.9B	$43.7B
Accounts payable and accrued expenses	$360.6M	$287.0M
Convertible debt, net of debt discount	$36.8M	$0
Other current liabilities	$18.4M	$16.6M
Total current liabilities	$75.3B	$44.0B
Convertible debt, net of debt discount	$0	$40.7M
Deferred tax liabilities, net	$28.7M	$29.6M
Warrant liability	$0	$1.6M
Other non-current liabilities	$25.3M	$21.3M
Total non-current liabilities	$54.0M	$93.1M
Total liabilities	$75.4B	$44.1B
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)	$0	$1.1B	$1.1B	$1.1B
Treasury stock at cost (4.7 million and 5.0 million shares held as of December 31, 2025 and December 31, 2024, respectively)	-$2.7M	-$2.9M
Additional paid-in capital	$4.6B	$1.8B
Accumulated deficit	-$1.3B	-$1.2B
Accumulated other comprehensive income	$14.5M	$3.6M
Total stockholders' equity attributable to common stockholders	$3.3B	$570.5M
Noncontrolling interests	$1.4M	$0
Total stockholders equity	$3.3B	$570.5M	$339.5M	-$252.1M
Total liabilities, redeemable convertible preferred stock and stockholders equity	$78.7B	$45.8B
Convertible preferred stock par value (in dollars per share)		$0.00
Convertible preferred stock, shares issued (in shares)		139.8M shares
Convertible preferred sock, shares outstanding (in shares)	0 shares	139.8M shares	139.2M shares	139.2M shares
Convertible preferred stock, liquidation preference		$1.1B
Treasury stock, common, shares (in shares)	4.7M shares	5.0M shares

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash and cash equivalents	$1.5B	$751.0M	$368.6M
Cash and cash equivalents segregated for corporate-held stablecoins	$823.0M	$294.5M	$275.8M
Cash and cash equivalents segregated for the benefit of stablecoin holders	$75.1B	$43.9B	$24.3B
Accounts receivable, net	$62.9M	$6.4M
Stablecoins receivable, net	$0	$7.0M
Prepaid expenses and other current assets	$321.7M	$187.5M
Total current assets	$77.8B	$45.2B
Restricted cash	$2.8M	$3.6M	$3.6M
Investments	$84.3M	$84.1M
Fixed assets, net	$22.8M	$18.7M
Digital assets	$86.5M	$31.3M	$11.3M
Goodwill	$265.7M	$169.5M	$169.5M
Intangible assets, net	$411.1M	$331.4M
Deferred tax assets, net	$11.1M	$10.2M
Other non-current assets	$27.4M	$20.6M
Total assets	$78.7B	$45.8B
Deposits from stablecoin holders	$74.9B	$43.7B
Accounts payable and accrued expenses	$360.6M	$287.0M
Convertible debt, net of debt discount	$36.8M	$0
Other current liabilities	$18.4M	$16.6M
Total current liabilities	$75.3B	$44.0B
Convertible debt, net of debt discount	$0	$40.7M
Deferred tax liabilities, net	$28.7M	$29.6M
Warrant liability	$0	$1.6M
Other non-current liabilities	$25.3M	$21.3M
Total non-current liabilities	$54.0M	$93.1M
Total liabilities	$75.4B	$44.1B
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)	$0	$1.1B	$1.1B	$1.1B
Treasury stock at cost (4.7 million and 5.0 million shares held as of December 31, 2025 and December 31, 2024, respectively)	-$2.7M	-$2.9M
Additional paid-in capital	$4.6B	$1.8B
Accumulated deficit	-$1.3B	-$1.2B
Accumulated other comprehensive income	$14.5M	$3.6M
Total stockholders' equity attributable to common stockholders	$3.3B	$570.5M
Noncontrolling interests	$1.4M	$0
Total stockholders equity	$3.3B	$570.5M	$339.5M	-$252.1M
Total liabilities, redeemable convertible preferred stock and stockholders equity	$78.7B	$45.8B
Convertible preferred stock par value (in dollars per share)		$0.00
Convertible preferred stock, shares issued (in shares)		139.8M shares
Convertible preferred sock, shares outstanding (in shares)	0 shares	139.8M shares	139.2M shares	139.2M shares
Convertible preferred stock, liquidation preference		$1.1B
Treasury stock, common, shares (in shares)	4.7M shares	5.0M shares

Cash from operations²$542.1M in 2025+288% since 2023

Capital spending²$12.4M in 2025+1801% since 2023

Free cash flow²$529.7M in 2025+281% since 2023

Share buybacks²$0 in 2025

Every line of the cash flow as filed: the last 3 fiscal years, latest first.²

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income (loss)	-$69.5M	$155.7M	$267.6M
Depreciation and amortization expense	$76.6M	$50.9M	$34.9M
Accretion of premium on available-for-sale debt securities	$0	-$2.3M	-$7.7M
Realized and unrealized losses (gains) on digital assets	-$18.2M	-$12.9M	-$13.0M
Change in fair value of convertible debt, warrant liability, and embedded derivatives	$71.4M	-$10.0M	-$25.3M
Digital assets received for services	-$28.6M	-$1.5M	-$4.5M
Equity securities received for services	-$3.3M	$0	$0
Deferred taxes	-$2.2M	-$2.8M	-$32.9M
Realized and unrealized losses (gains) on available-for-sale debt securities and strategic investments	-$294.0K	-$434.0K	$1.7M
(Gains) losses on sale of long-lived assets	$22.0K	$73.0K	-$21.5M
Foreign currency remeasurement losses (gains)	$7.8M	-$565.0K	$1.4M
Stock-based compensation	$566.2M	$50.1M	$108.0M
Provision for warrants in common stock	$23.6M	$0	$0
Charitable contributions to Circle Foundation	$23.1M	$0	$0
Other non-cash items	$4.9M	$887.0K	$3.4M
Accounts receivable	-$39.4M	-$4.6M	$2.2M
Prepaid expenses and other current assets	-$146.5M	-$21.8M	-$51.2M
Accounts payable and accrued expenses	$81.2M	$132.9M	-$123.8M
Other current liabilities	-$4.9M	$10.9M	$291.0K
Net cash provided by operating activities	$542.1M	$344.6M	$139.6M
Purchase of available-for-sale debt securities	$0	-$99.3M	-$311.6M
Sale and maturities of available-for-sale securities	$0	$341.6M	$8.8B
Cash acquired from acquisition of equity method affiliate	$0	$0	$1.6M
Sale and return of investments	$1.4M	$739.0K	$1.1M
Purchase of investments	-$9.3M	-$4.3M	-$2.7M
Business combinations, net of cash acquired	-$7.7M	$0	$0
Proceeds from sale of digital assets	$196.0K	$4.8M	$27.3M
Capitalization of software development costs	-$56.2M	-$39.1M	-$32.9M
Purchase of long-lived assets	-$12.4M	-$18.1M	-$654.0K
Net cash (used in) provided by investing activities	-$84.0M	$186.3M	$8.5B
Net changes in deposits held for stablecoin holders	$31.1B	$19.5B	-$20.3B
Purchase of treasury stock	$0	$0	-$8.7M
Proceeds from issuance of common stock in connection with initial public offering and follow-on public offering, net of underwriting discounts and commissions and offering costs	$1.0B	$0	$0
Payment of withholding taxes on settlement of restricted stock units	-$269.7M	$0	$0
Capital contribution from noncontrolling interest	$1.5M	$0	$0
Capitalized transaction costs	$0	-$3.9M	$0
Proceeds from exercise of stock options	$51.8M	$1.6M	$1.0M
Net cash provided by (used in) financing activities	$31.9B	$19.4B	-$20.3B
Effect of exchange rate changes on cash and cash equivalents, restricted and segregated cash	$57.7M	-$7.1M	$1.1M
Unrealized gains (losses) on available-for-sale debt securities classified as cash equivalents, net of tax	$0	-$224.0K	-$254.0K
Net increase (decrease) in cash and cash equivalents, restricted and segregated cash	$32.5B	$20.0B	-$11.7B
U.S. Federal	$11.5M	$61.6M	$63.7M
Foreign - Other jurisdictions	$1.7M	$1.0M	$229.0K
Total cash paid for income taxes	$13.3M	$75.6M	$81.0M
Cash paid for interest	$180.0K	$258.0K	$253.0K
Digital assets collateral received	$0	$1.9M	$7.1M
Proceeds from sale of intangible assets	$0	$0	$21.6M
Net changes in stablecoins receivable	$7.0M	$16.5M	-$6.9M
Non-cash purchase of investments and digital assets	-$5.2M	-$6.6M	-$8.9M
Re-issuance of treasury stock to Circle Foundation	$23.2M	$0	$0
Conversion of convertible debt	$89.0M	$15.0M	$0
Capitalized stock-based compensation expense related to internally developed software	$86.9M	$13.6M	$13.1M
Purchases of long-lived assets included in accounts payable and accrued expenses	-$2.7M	$2.9M	$0
Unrealized gain (loss) on available-for-sale debt securities	$0	-$224.0K	-$815.0K
Unrealized (loss) gain on convertible notes - credit risk, net of tax	-$49.0K	$840.0K	$1.2M
Non-cash consideration for acquisitions	-$92.3M	$0	-$209.9M
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	$1.1B	$0	$0

Compare Circle Internet Group, Inc. with another company

Leadership

Who has led Circle Internet Group, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive officerJeremy Allaire Jun 4, 2025 to now⁸
ChairJeremy Allaire Jun 9, 2025 to now⁹
PresidentHeath Tarbert Jun 4, 2025 to now¹⁰
Chief financial officerJeremy Fox-Geen Jun 4, 2025 to now¹¹

Board members and other officers (14)

Chief Product & Tech. OfficerNikhil Chandhok Jun 4, 2025 to now¹²
Chief Accounting OfficerTamara L. Schulz Jun 4, 2025 to now¹³
Chief Commercial OfficerHossein Razzaghi Sep 3, 2025 to now¹⁴
Board memberKirk James Koenigsbauer Mar 17, 2026 to now¹⁵
Board memberBradley Horowitz Jun 4, 2025 to now¹⁶
Board memberCraig W. Broderick Jun 4, 2025 to now¹⁷
Board memberDanita K. Ostling Jun 4, 2025 to now¹⁸
Board memberDavid J. Orfao Jun 4, 2025 to now¹⁹
Board memberJeremy Allaire Jun 4, 2025 to now⁸
Board memberM. Michele Burns Jun 4, 2025 to now²⁰
Board memberPatrick Sean Neville Jun 4, 2025 to now²¹
Board memberRajeev Date V. Jun 4, 2025 to now²²
Board memberAdam Selipsky Jul 23, 2025 to now²³
General counselHeath Tarbert Jun 4, 2025 to now¹⁰

Former names

Circle Internet Financial LtdDec 13, 2023 to Apr 12, 2024³
Circle Internet Finance Public Ltd CoDec 23, 2021 to Dec 5, 2022³
CIrcle Acquisition Public Ltd CoAug 6, 2021 to Oct 21, 2021³

Timeline

Jun 4, 2025New chief executive Jeremy Allaire becomes CEO⁸
Mar 19, 2024Founded Circle Internet Group, Inc. is founded²⁴

Filings

433 filings to the SEC since October 2021: 2 annual reports, 4 quarterly reports, 15 major events, 236 insider forms, 13 large holders, 2 private raises, 161 other. The latest 20:

Oct 9, 20264 EDGAR
Oct 8, 2026144 EDGAR
Oct 7, 20264 EDGAR
Oct 5, 20264 EDGAR
Oct 5, 20264 EDGAR
Oct 5, 20264 EDGAR
Oct 5, 20264 EDGAR
Oct 5, 20264 EDGAR
Oct 5, 20264 EDGAR
Oct 2, 2026144 EDGAR
Oct 2, 2026144 EDGAR
Oct 2, 2026144 EDGAR
Oct 1, 2026144 EDGAR
Sep 25, 20264 EDGAR
Sep 25, 20268-K EDGAR
Sep 24, 20264 EDGAR
Sep 22, 20268-K EDGAR
Sep 15, 2026144/A EDGAR
Sep 15, 2026144/A EDGAR
Sep 15, 2026144/A EDGAR

The 433 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 13 such filings since October 2021, the latest 10:

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

Jun 29, 2026Raised $20.2 million in a private offering of securities Form D: 4 investors so far Form D
May 8, 2026Raised $222 million in a private offering of securities Form D: 14 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
IDG China Capital Fund III Associates L.P.	8,902,014	$557.5M	98.9%	−101,660
BlackRock, Inc.	8,365,299	$523.9M	0.0%	+3,306,179
Morgan Stanley	8,315,961	$520.8M	0.0%	+3,334,224
IDG-Accel China Capital II Associates L.P.	6,974,093	$436.8M	100.0%	−22,018
Vanguard Portfolio Management LLC	5,878,678	$368.2M	0.0%	+389,442
Vanguard Capital Management LLC	4,959,806	$310.6M	0.0%	+352,799
ARK Investment Management LLC	4,558,162	$285.5M	1.9%	+48,680
UBS Group AG	4,146,314	$259.7M	0.0%	+1,866,907
State Street Corp	3,328,161	$208.4M	0.0%	+1,758,877
Jpmorgan Chase & Co	2,656,085	$201.8M	0.0%	+1,286,934
Sumitomo Mitsui Trust Group, Inc.	3,185,726	$199.5M	0.1%	+267,962
Southpoint Capital Advisors LP	3,000,000	$187.9M	4.3%	−300,000
Marshall Wace, Llp	2,901,146	$181.7M	0.2%	−2,899,204
Amova Asset Management Americas, Inc.	2,899,485	$181.6M	2.3%	−15,462
Goldman Sachs Group Inc	2,881,938	$180.5M	0.0%	+1,423,943
Geode Capital Management, LLC	1,787,800	$146.1M	0.0%	+422,764
Clear Street Group Inc.	2,237,306	$140.1M	0.4%	+301,291
Norges Bank	2,105,378	$131.9M	0.0%	New
Susquehanna International Group, Llp	2,085,379	$130.6M	0.1%	+1,484,683
Renaissance Technologies LLC	2,033,035	$127.3M	0.2%	+241,689
Citigroup Inc	1,671,639	$104.7M	0.0%	−5,247
SBI Holdings USA, Inc.	1,614,000	$101.1M	100.0%	No change
Bank Of America Corp /de/	1,255,594	$78.6M	0.0%	−525,240
KEYWISE CAPITAL MANAGEMENT (HK) Ltd	1,240,417	$77.7M	11.2%	−87,513
Keystone Investors Pte Ltd	1,198,332	$75.1M	4.0%	New

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

Date	Member	Trade	Amount	Vs S&P since	Filing
Jun 24, 2025	Robert P. Bresnahan, Jr.Republican, House	Buy	$1,001 - $15,000	−90.3%	Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARCircle Internet Group, Inc. filings on SEC EDGAR
2
SEC EDGARCircle Internet Group, Inc. 10-K for fiscal 2025
3
SEC EDGARCircle Internet Group, Inc. filings on SEC EDGAR
4
SEC EDGARCircle Internet Group, Inc. 10-Q for fiscal 2025
5
SEC EDGARCircle Internet Group, Inc. 10-Q for fiscal 2025
6
SEC EDGARCircle Internet Group, Inc. 10-Q for fiscal 2026
7
SEC EDGARCircle Internet Group, Inc. 10-Q for fiscal 2025
8
SEC EDGARJeremy Allaire, Chief executive officer
9
SEC EDGARJeremy Allaire, Chair
10
SEC EDGARHeath Tarbert, President
11
SEC EDGARJeremy Fox-Geen, Chief financial officer
12
SEC EDGARNikhil Chandhok, Chief Product & Tech. Officer
13
SEC EDGARTamara L. Schulz, Chief Accounting Officer
14
SEC EDGARHossein Razzaghi, Chief Commercial Officer
15
SEC EDGARKirk James Koenigsbauer, Board member
16
SEC EDGARBradley Horowitz, Board member
17
SEC EDGARCraig W. Broderick, Board member
18
SEC EDGARDanita K. Ostling, Board member
19
SEC EDGARDavid J. Orfao, Board member
20
SEC EDGARM. Michele Burns, Board member
21
SEC EDGARPatrick Sean Neville, Board member
22
SEC EDGARRajeev Date V., Board member
23
SEC EDGARAdam Selipsky, Board member
24
gleifCircle Internet Group, Inc. is founded