Skip to content

CRCL · Circle Internet Group

2 filings

10-K

CRCL 10-K Annual Reports

Circle Internet Group - 2 annual reports

2025-A
Circle Internet Group Annual Report (Amendment), Year Ended Dec 31, 2025
This Amendment No. 1 on Form 10-K/A for Circle Internet Group, Inc. (Class A shares outstanding of 228,100,955 and Class B of 18,714,651 as of March 5, 2026) supplements the original Form 10-K filed March 9, 2026. Its sole purpose is to add the separately audited financial statements of the Circle Reserve Fund, a money market fund managed by BlackRock Advisors, LLC, as required by Rule 3-09 of Regulation S-X. The Fund's fiscal year ends April 30, so its audited statements for the year ended April 30, 2026 were not available when the original 10-K was filed. The amendment does not otherwise update the original Form 10-K. Deloitte & Touche LLP issued an unqualified opinion on the Fund's statements, dated June 23, 2026. The Fund's financial statements show a net asset value of $66.37 billion at April 30, 2026, up from $54.21 billion a year earlier. Its investments were $66.11 billion, consisting of $46.998 billion in repurchase agreements and $19.11 billion in U.S. Treasury obligations. For the year, total investment income was $2.49 billion and net investment income was $2.43 billion. The Fund sold $36.15 billion of shares and had $24.00 billion of redemptions. The filing states that Circle holds the Fund's shares as part of the reserves backing its stablecoin issuance, and that large redemptions could affect the Fund's liquidity and net assets. For investors, the amendment provides independent audited support for the composition and size of the Fund that backs Circle's stablecoin reserves. The Fund's Institutional shares reported a total return of 4.02% for the year ended April 30, 2026, with a net expense ratio of 0.09% after fee waivers and reimbursements.
Jul 13, 2026
2025
Circle Internet Group Annual Report, Year Ended Dec 31, 2025
Circle Internet Group, Inc. (Class A ticker CRCL) reports that its revenue is driven primarily by reserve income on the assets backing its stablecoins, USDC and EURC. Reserve income was $2.64 billion in 2025, or 96.0% of total revenue, up from $1.66 billion in 2024. Total revenue and reserve income rose 63.9% to $2.75 billion. Net loss from continuing operations was $69.5 million for 2025, compared with net income of $157.0 million in 2024, largely because of $423.8 million of stock-based compensation recognized on RSUs whose liquidity condition was met at the June 2025 IPO. Adjusted EBITDA, a non-GAAP measure, grew to $582.2 million from $284.9 million. USDC in circulation reached $75.3 billion at year-end 2025, up from $43.9 billion. Cash and cash equivalents segregated for the benefit of stablecoin holders was $75.1 billion, against deposits from stablecoin holders of $74.9 billion. Approximately 88% of USDC reserves were held in the Circle Reserve Fund, a government money market fund managed by BlackRock. The company's strategy spans three pillars: the Arc Layer-1 blockchain, Circle Digital Assets and Services (including USDC, EURC, the tokenized fund USYC, Circle Mint and xReserve), and Circle Applications such as Circle Payments Network and StableFX. The filing highlights significant risk factors. The GENIUS Act, signed July 18, 2025, will take effect on the earlier of January 18, 2027 or 120 days after final implementing regulations. Concentration of distribution with Coinbase is a key dependency, with distribution and transaction costs of $1.66 billion in 2025, including $1.4 billion paid to Coinbase. The company is also in litigation with FT Partners over advisory fees, and it has received preliminary conditional OCC approval to establish a national trust bank.
Mar 9, 2026