Circle Internet Group, Inc.

For the period ended Sep 30, 2025. Filed Nov 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.

Sep 30, 2025 · Filed Nov 12, 2025

CRCL$64.98-3.8%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Balance Sheets

(in thousands, except share information)	September 30,2025	December 31,2024
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$1,348,901	$750,981
Cash and cash equivalents segregated for corporate-held stablecoins	837,143	294,493
Cash and cash equivalents segregated for the benefit of stablecoin holders	73,372,843	43,918,572
Accounts receivable, net	22,154	6,418
Stablecoins receivable, net	1,000	6,957
Prepaid expenses and other current assets	321,343	187,528
Total current assets	75,903,384	45,164,949
Non-current assets:
Restricted cash	3,222	3,558
Investments	81,781	84,114
Fixed assets, net	23,486	18,682
Digital assets	51,550	31,330
Goodwill	266,384	169,544
Intangible assets, net	411,990	331,394
Deferred tax assets, net	13,414	10,223
Other non-current assets	25,797	20,615
Total assets	$76,781,008	$45,834,409
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
Current liabilities:
Deposits from stablecoin holders	$73,267,103	$43,727,363
Accounts payable and accrued expenses	268,955	287,007
Convertible debt, net of debt discount	149,094	—
Other current liabilities	16,604	16,597
Total current liabilities	73,701,756	44,030,967
Non-current liabilities:
Convertible debt, net of debt discount	—	40,717
Deferred tax liabilities, net	31,345	29,559
Warrant liability	—	1,591
Other non-current liabilities	24,551	21,281
Total non-current liabilities	55,896	93,148
Total liabilities	$73,757,652	$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 September 30, 2025 and December 31, 2024, respectively; aggregate liquidation preference of nil and $1.1 billion as of September 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 September 30, 2025 and December 31, 2024, respectively; 215.2 million and 56.4 million issued and outstanding as of September 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 September 30, 2025 and December 31, 2024, respectively; 19.0 million and nil issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)	2	—
Class C common stock ($0.0001 par value; 500.0 million and nil authorized as of September 30, 2025 and December 31, 2024, respectively; nil issued and outstanding as of September 30, 2025 and December 31, 2024)	—	—
Treasury stock at cost (5.0 million shares held as of September 30, 2025 and December 31, 2024)	(2,877)	(2,877)
Additional paid-in capital	4,437,594	1,792,969
Accumulated deficit	(1,426,125)	(1,223,213)
Accumulated other comprehensive income	14,739	3,644
Total stockholders’ equity	3,023,356	570,529
Total liabilities, redeemable convertible preferred stock and stockholders’ equity	$76,781,008	$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.