CRCL on NYSE

Circle Internet Group, Inc.

Circle Internet Group, Inc. is an American finance services company based in New York, listed on NYSE (CRCL).2

Price unavailable

Last updated Oct 21, 2026.

Overview

$109.8MRevenue, fiscal 20253
-$69.5MNet income, fiscal 20253

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  • TickerCRCL on NYSE2
  • IndustryFinance Services2
  • HeadquartersNew York, United States2
  • Incorporated inDE4
  • Business addressOne World Trade Center, New York, Ny 100074
  • Filer categoryNon-accelerated filer4
  • Legal formCorporation2
  • LEI254900HFVVR6NPMQVN932
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 26126762

Our mission is to raise global economic prosperity through the frictionless exchange of value.6 From its latest annual report

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 margin3
-63.3%Net margin3
624.0%Revenue growth, 20253
-2.1%Return on equity3
$529.7MFree cash flow3

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.

  1. Subscription And Services$84.8M377%up 1300% from 2024
  2. Transaction Revenue$24.3M322%up 753% from 2024
  3. Other Services$702.0K31%down 89% from 2024
Products and services by year
Products and services202320242025
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 costs70¢$76.4M
  • Income tax30¢$33.4M

Out of $109.8M in revenue.3 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

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

Out of $542.1M of cash from operations.3

Financial statements

Revenue3$109.8M in 2025+453% since 2023
0$50.0M$100.0M$150.0M2023: $19.9M$19.9M20232024: $15.2M$15.2M2024−24%2025: $109.8M$109.8M2025+624%
Operating income3-$96.4M in 2025
-$100.0M0$100.0M$200.0M$300.0M2023: $269.5M$269.5M20232024: $167.2M$167.2M2024−38%2025: -$96.4M-$96.4M2025
Net income3-$69.5M in 2025
-$100.0M0$100.0M$200.0M$300.0M2023: $267.6M$267.6M20232024: $155.7M$155.7M2024−42%2025: -$69.5M-$69.5M2025

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

Period ending2025-12-312024-12-312023-12-31
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 shares54.4M shares47.3M shares
Diluted (in shares)158.7M shares73.0M shares67.5M shares

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Corporate structure

Circle Internet Group, Inc. sits at the top of its group. 34 entities, 13 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Circle Internet Group, Inc.

  • Chuang Xi Capital Ltd Filed SCHEDULE 13G/A on Circle Internet Group, Inc., latest Aug 11, 2026 (3 filings since Aug 12, 2025)
  • Breyer Capital L.L.C. Filed SCHEDULE 13G/A on Circle Internet Group, Inc., latest Feb 17, 2026 (2 filings since Aug 13, 2025)
  • General Catalyst Group Management Holdings GP, LLC Filed SCHEDULE 13G/A on Circle Internet Group, Inc., latest Feb 17, 2026 (2 filings since Aug 14, 2025)
  • FMR LLC Filed SCHEDULE 13G/A on Circle Internet Group, Inc., latest Feb 5, 2026 (2 filings since Aug 6, 2025)
  • Accel XI L.P. Filed SCHEDULE 13G/A on Circle Internet Group, Inc., latest Nov 13, 2025 (2 filings since Aug 12, 2025)
  • Jeremy Allaire Filed SCHEDULE 13G on Circle Internet Group, Inc., latest Aug 13, 2025
  • OAK MANAGEMENT CORP Filed SCHEDULE 13G on Circle Internet Group, Inc., latest Aug 12, 2025
  • Circle Internet Group, Inc. New York, New York, United States
    • Circle CYMN Limited Subsidiary · Cayman Islands
    • Circle Hong Kong Limited Subsidiary · Hong Kong
    • Circle IF Jersey Limited Subsidiary · Jersey
    • Circle International Bermuda Limited Subsidiary · Hamilton, Bermuda
      • Hashnote International Short Duration Yield Fund Ltd Fund · Hamilton, Bermuda
    • Circle Internet Contract Services LLC Subsidiary · Delaware, United States
    • Circle Internet Distribution LLC Subsidiary · Delaware, United States
    • Circle Internet Finance Cayman Limited Subsidiary · Cayman Islands
    • Circle Internet Financial Europe SAS Subsidiary · France
    • Circle Internet Financial Limited Subsidiary · Ireland
    • Circle Internet Financial Trading Company Limited Subsidiary · Ireland
    • Circle Internet Holdings, Inc. Subsidiary · Delaware, United States
    • Circle Internet India Private Limited Subsidiary · India
    • Circle Internet International Canada Limited Subsidiary · Canada
    • Circle Internet Management Services LLC Subsidiary · Delaware, United States
    • Circle Internet Singapore Pte. Ltd. Subsidiary · Singapore
    • Circle Japan K.K. Subsidiary · Japan
    • Circle Payments, LLC Subsidiary · Delaware, United States
    • Circle Technology Services, LLC Subsidiary · Delaware, United States
    • Circle Trade Europe Limited Subsidiary · United Kingdom
    • Circle UK Trading Limited Subsidiary · United Kingdom
    • Circle Ventures (Cayman) Subsidiary · George Town, Cayman Islands
    • CYBAVO Inc. Subsidiary · Taiwan
    • Hashnote Associates LLC Subsidiary · Delaware, United States
    • Hashnote Holdings LLC Subsidiary · Delaware, United States
    • Hashnote International Management LLC Subsidiary · Cayman Islands
    • and 7 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Circle Internet Group, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$30.0M3 Dec 31, 2025$23.5M3 Dec 31, 2024+28.0%
Accumulated depreciation$7.2M3 Dec 31, 2025$4.8M3 Dec 31, 2024+51.4%
Property and equipment, net$22.8M3 Dec 31, 2025$18.7M3 Dec 31, 2024+22.0%
Operating-lease assets (leased space)$14.1M3 Dec 31, 2025$15.5M3 Dec 31, 2024−8.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.5B3 Dec 31, 2025$751.0M3 Dec 31, 2024+103.2%
Long-term investments$84.3M3 Dec 31, 2025$84.1M3 Dec 31, 2024+0.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$265.7M3 Dec 31, 2025$169.5M3 Dec 31, 2024+56.7%
Intangible assets, net (excluding goodwill)$411.1M3 Dec 31, 2025$331.4M3 Dec 31, 2024+24.1%
Finite-lived intangibles, gross$317.6M3 Dec 31, 2025$178.0M3 Dec 31, 2024+78.5%
Accumulated amortization$173.3M3 Dec 31, 2025$113.0M3 Dec 31, 2024+53.4%
Finite-lived intangibles, net$144.3M3 Dec 31, 2025$65.0M3 Dec 31, 2024+122.1%

Properties, in its own words

The Company's principal executive office is located at One World Trade Center, 87th Floor, New York, New York, 10007.

We lease office space in other countries around the world to support the Company's global operations. These properties are well-maintained, suitable for their intended uses and adequate to support operations as of December 31, 2025.

Item 2 of the 10-K filed Mar 9, 2026.6

Leadership

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

Board members and other officers (14)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerKash Kash Razzaghi named Jul 8, 202627
  • DirectorMartha Michele Burns named May 22, 2026 to Jul 8, 202627

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • CYBAVO Inc. Taiwan5
  • Circle CYMN Limited Cayman Islands5
  • Circle Hong Kong Limited Hong Kong5
  • Circle IF Jersey Limited Jersey5
  • Circle International Bermuda Limited Bermuda5
  • Circle Internet Contract Services LLC Delaware5
  • Circle Internet Distribution LLC Delaware5
  • Circle Internet Finance Cayman Limited Cayman Islands5
  • Circle Internet Financial Europe SAS France5
  • Circle Internet Financial Limited Ireland5
  • Circle Internet Financial Trading Company Limited Ireland5
  • Circle Internet Financial, LLC Delaware5
  • Circle Internet Holdings, Inc. Delaware5
  • Circle Internet India Private Limited India5
  • Circle Internet International Canada Limited Canada5
  • Circle Internet Management Services LLC Delaware5
  • Circle Internet Singapore Pte. Ltd. Singapore5
  • Circle Japan K.K. Japan5
  • Circle Payments, LLC Delaware5
  • Circle Technology Services, LLC Delaware5
  • Circle Trade Europe Limited United Kingdom5
  • Circle UK Trading Limited United Kingdom5
  • Circle Ventures (Cayman) Cayman Islands5
  • Cybavo Pte. Ltd. Singapore5
All 34 listed subsidiaries
  • Hashnote Associates LLC Delaware5
  • Hashnote Holdings LLC Delaware5
  • Hashnote International Management LLC Cayman Islands5
  • Hashnote International Short Duration Yield Fund Ltd. Cayman Islands5
  • Hashnote Management LLC Delaware5
  • Pluto Holdings, LLC Delaware5
  • Project 7 Merger Sub 2 Inc. Delaware5
  • SI Advisors I, LLC Delaware5
  • SI Securities, LLC Delaware5
  • Yorix, LLC Delaware5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Circle Internet Financial LtdDec 13, 2023 to Apr 12, 20244
  • Circle Internet Finance Public Ltd CoDec 23, 2021 to Dec 5, 20224
  • CIrcle Acquisition Public Ltd CoAug 6, 2021 to Oct 21, 20214

Timeline

  1. Sep 25, 20268-K Executive or director change; Regulation FD disclosure28
  2. Sep 22, 20268-K Other events29
  3. Sep 8, 20268-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure30
  4. Aug 5, 20268-K Results of operations31
  5. Jul 2, 20268-K Other events32
  6. Jun 12, 20268-K Executive or director change33
  7. May 18, 20268-K Shareholder vote34
  8. May 11, 20268-K Results of operations; Other events35
  9. Mar 17, 20268-K Executive or director change36
  10. Feb 25, 20268-K Results of operations37
  11. Nov 12, 20258-K Results of operations38
  12. Sep 19, 20258-K Executive or director change39
  13. Jun 4, 2025New chief executive Jeremy Allaire becomes CEO11
  14. Mar 19, 2024Founded Circle Internet Group, Inc. is founded2

Calendar

Coming up

  1. Nov 4, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.64 a share, on Nov 12, 2025.40

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results31
  2. May 11, 2026Reported quarterly or annual results35
  3. Feb 25, 2026Reported quarterly or annual results37
  4. Nov 12, 2025Reported quarterly or annual results38
  5. Aug 12, 2025Reported quarterly or annual results41

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

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:

  1. Oct 9, 20264 EDGAR
  2. Oct 8, 2026144 EDGAR
  3. Oct 7, 20264 EDGAR
  4. Oct 5, 20264 EDGAR
  5. Oct 5, 20264 EDGAR
  6. Oct 5, 20264 EDGAR
  7. Oct 5, 20264 EDGAR
  8. Oct 5, 20264 EDGAR
  9. Oct 5, 20264 EDGAR
  10. Oct 2, 2026144 EDGAR
  11. Oct 2, 2026144 EDGAR
  12. Oct 2, 2026144 EDGAR
  13. Oct 1, 2026144 EDGAR
  14. Sep 25, 20264 EDGAR
  15. Sep 25, 20268-K EDGAR
  16. Sep 24, 20264 EDGAR
  17. Sep 22, 20268-K EDGAR
  18. Sep 15, 2026144/A EDGAR
  19. Sep 15, 2026144/A EDGAR
  20. 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 five years, summarized. The full record is on SEC EDGAR.

Insider trades

118 open-market trades by officers, directors and large owners since October 2021: 0 buys and 118 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 8, 2026Allaire JeremyChairman and CEOSale62,264$98.04$6.1MForm 4
Sep 8, 2026Chandhok NikhilChief Product & Tech. OfficerSale26,666$100.40$2.7MForm 4
Sep 2, 2026Fox-Geen JeremyChief Financial OfficerSale8,120$87.87$713.5KForm 4
Sep 2, 2026Razzaghi HosseinChief Commercial OfficerSale7,458$87.87$655.3KForm 4
Sep 2, 2026Schulz Tamara LChief Accounting OfficerSale1,194$87.87$104.9KForm 4
Sep 1, 2026Fox-Geen JeremyChief Financial OfficerSale15,000$92.20$1.4MForm 4
Sep 1, 2026Neville Patrick SeanDirectorSale50,000$92.09$4.6MForm 4
Aug 21, 2026Fox-Geen JeremyChief Financial OfficerSale45,000$90.00$4.0MForm 4
Aug 20, 2026BURNS M MICHELEDirectorSale3,332$85.13$283.7KForm 4
Aug 13, 2026Fox-Geen JeremyChief Financial OfficerSale8,476$75.00$635.7KForm 4
Aug 10, 2026Chandhok NikhilChief Product & Tech. OfficerSale26,666$67.15$1.8MForm 4
Aug 6, 2026Ostling Danita KDirectorSale20,000$61.65$1.2MForm 4
Aug 5, 2026Allaire JeremyChairman and CEOSale62,264$62.03$3.9MForm 4
Aug 4, 2026Razzaghi HosseinChief Commercial OfficerSale1,829$60.08$109.9KForm 4
Aug 4, 2026Schulz Tamara LChief Accounting OfficerSale1,194$60.08$71.7KForm 4
Aug 3, 2026Neville Patrick SeanDirectorSale50,000$59.55$3.0MForm 4
Jul 8, 2026Chandhok NikhilChief Product & Tech. OfficerSale26,666$63.90$1.7MForm 4
Jul 6, 2026Allaire JeremyChairman and CEOSale3,032$67.16$203.6KForm 4
Jul 6, 2026Allaire JeremyChairman and CEOSale59,232$67.16$4.0MForm 4
Jul 2, 2026Razzaghi HosseinChief Commercial OfficerSale1,831$64.40$117.9KForm 4

All 118 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Kash RazzaghiChief Commercial Officer45$483.3K$20.8M49
2025Jeremy AllaireChairman and Chief Executive Officer54$900.0K$16.3M49
2025Heath TarbertPresident49$500.0K$9.4M49
2025Nikhil ChandhokChief Product and Technology Officer48$500.0K$7.9M49
2025Jeremy Fox-GeenChief Financial Officer52$500.0K$7.8M49
2024Jeremy AllaireChairman and Chief Executive Officer54$900.0K$12.2M49
2024Heath TarbertPresident49$500.0K$5.2M49
2024Jeremy Fox-GeenChief Financial Officer52$500.0K$5.2M49
2024Nikhil ChandhokChief Product and Technology Officer48$500.0K$5.0M49
2023Heath TarbertPresident49$8$24.5M49
2023Jeremy AllaireChairman and Chief Executive Officer54$850.0K$10.1M49
2023Jeremy Fox-GeenChief Financial Officer52$500.0K$4.6M49
2023Nikhil ChandhokChief Product and Technology Officer48$475.0K$2.3M49

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$242.2M 2026–2026
Money received by yearMoney received by year, 2026–2026: $242.2M in all. Private raises (Form D) $242.2M.$0$100M$200M$300M2026 · Private raises (Form D): $242.2M2026
Figures by year
YearPrivate raises (Form D)Total
2026$242.2M$242.2M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Jun 29, 2026Raised $20.2 million in a private offering of securities27 Form D: 4 investors so far Form D
  2. May 8, 2026Raised $222 million in a private offering of securities50 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.

FundSharesValueShare of the fundChange
IDG China Capital Fund III Associates L.P.8,902,014$557.5M98.9%−101,660
BlackRock, Inc.8,365,299$523.9M0.0%+3,306,179
Morgan Stanley8,315,961$520.8M0.0%+3,334,224
IDG-Accel China Capital II Associates L.P.6,974,093$436.8M100.0%−22,018
Vanguard Portfolio Management LLC5,878,678$368.2M0.0%+389,442
Vanguard Capital Management LLC4,959,806$310.6M0.0%+352,799
ARK Investment Management LLC4,558,162$285.5M1.9%+48,680
UBS Group AG4,146,314$259.7M0.0%+1,866,907
State Street Corp3,328,161$208.4M0.0%+1,758,877
Jpmorgan Chase & Co2,656,085$201.8M0.0%+1,286,934
Sumitomo Mitsui Trust Group, Inc.3,185,726$199.5M0.1%+267,962
Southpoint Capital Advisors LP3,000,000$187.9M4.3%−300,000
Marshall Wace, Llp2,901,146$181.7M0.2%−2,899,204
Amova Asset Management Americas, Inc.2,899,485$181.6M2.3%−15,462
Goldman Sachs Group Inc2,881,938$180.5M0.0%+1,423,943
Geode Capital Management, LLC1,787,800$146.1M0.0%+422,764
Clear Street Group Inc.2,237,306$140.1M0.4%+301,291
Norges Bank2,105,378$131.9M0.0%New
Susquehanna International Group, Llp2,085,379$130.6M0.1%+1,484,683
Renaissance Technologies LLC2,033,035$127.3M0.2%+241,689
Citigroup Inc1,671,639$104.7M0.0%−5,247
SBI Holdings USA, Inc.1,614,000$101.1M100.0%No change
Bank Of America Corp /de/1,255,594$78.6M0.0%−525,240
KEYWISE CAPITAL MANAGEMENT (HK) Ltd1,240,417$77.7M11.2%−87,513
Keystone Investors Pte Ltd1,198,332$75.1M4.0%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.

DateMemberTradeAmountVs S&P sinceFiling
Jun 24, 2025Robert P. Bresnahan, Jr.Republican, HouseBuy$1,001 - $15,000−90.3%Report

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

SEC filer profile

How Circle Internet Group, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCircle Internet Group, Inc.1
  • CIK0001876042
  • Employer ID (EIN)99-28402476
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 311
  • Industry code (SIC)6199 Finance Services1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business addressOne World Trade Center, New York, NY 100071
  • Phone(332) 334-06601
  • Shares outstanding228,100,955 Common Class A shares; 18,714,651 Common Class B shares as of Mar 5, 20266
  • Public float$37.6B as of Jun 30, 20256
  • AuditorDeloitte & Touche LLP, New York, New York PCAOB ID 34; no auditor attestation of internal control over financial reporting6
  • On EDGAR sinceAug 6, 20211
  • Filings438 in all: 4 (216), 144 (96), 3 (17), 8-K (15), 425 (9), 144/A (7), CORRESP (7), S-4/A (7)1
    All 34 form types

    SCHEDULE 13G (7), UPLOAD (7), DRSLTR (6), SCHEDULE 13G/A (6), 10-Q (4), DRS/A (4), S-1/A (4), 3/A (2), 424B4 (2), D (2), DRS (2), EFFECT (2), S-1 (2), S-8 (2), 10-K (1), 10-K/A (1), 4/A (1), 8-A12B (1), ARS (1), CERT (1), DEF 14A (1), DEFA14A (1), RW (1), S-1MEF (1), S-3ASR (1), S-4 (1)

  • Latest filingsAnnual report (10-K) Mar 9, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Apr 1, 2026
    Latest 8-K (8-K) Sep 25, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stock, par value $0.0001 per shareCRCLNew York Stock Exchange

From the cover page of the 10-K filed Mar 9, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks Circle Internet Group, Inc. names in Item 1A of its 10-K filed Mar 9, 2026: 62 risks under these headings, as written.6

  • Risks related to our business and industry
  • We face intense and increasing competition.
  • Stablecoins may face periods of uncertainty, loss of trust, or systemic shocks resulting in the potential for rapid redemption requests. Extreme scenarios, such as market shocks that affect the value of USDC 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, digital assets and the blockchains that support them are particularly susceptible to operational challenges and risks, including due to surges in demand.
  • The acceptance of Circle stablecoins could be negatively impacted by the disruptions in secondary marketplaces that facilitate the purchase and sale of Circle stablecoins.
  • Negative developments regarding, including a run on, USDT could adversely affect our business, results of operations, financial condition, and prospects.
  • Any negative publicity regarding digital assets or the broader digital asset industry may have an outsized negative effect on consumer confidence.
  • 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 intend to offer and support certain digital assets classified as “securities” under U.S. securities laws, and thus must comply with applicable 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.
  • Future developments regarding the treatment of Circle stablecoins and other stablecoins for U.S. federal income, state, and foreign tax purposes could adversely impact our business.
The other 51 risks
  • Developing new products and services may require substantial expenditures and such products and services may not gain market adoption, which could adversely affect our business, results of operations, financial condition, and prospects.
  • 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.
  • The loss or destruction of private keys required to access any digital assets held in custody for our own account or for our customers may be irreversible.
  • 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 and partnership arrangements or enter into additional distribution or partnership arrangements on less favorable financial terms, USDC and EURC in circulation and Circle’s financial results may be adversely affected.
  • Our digital assets are largely distributed by a few key distributors and loss of one of our key distributors may have a significant impact on the amount of Circle Digital Assets in circulation, which could adversely impact Circle’s financial results.
  • 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.
  • Minting and redeeming Circle stablecoins from our platform involves risks, which could result in loss of customer assets, customer disputes, and other liabilities.
  • Protection under the Securities Investor Protection Corporation (the “SIPC”) will not be available for USDC or other stablecoins.
  • Our brands and reputation are integral to our business and competitive position and we may incur additional costs to protect and promote our brands.
  • We have experienced significant growth, which we may encounter difficulties managing and which may not be sustainable.
  • Cyberattacks and security breaches of our systems, or those impacting our customers or third-party suppliers and vendors, could adversely impact our business, results of operations, financial condition, and prospects.
  • As a remote-first company, we are subject to heightened operational and cybersecurity risks.
  • We use AI, machine learning, data analytics, and similar tools that collect, aggregate, and analyze data. Our use of such AI, machine learning, data analytics, and similar tools could enhance intellectual property, cybersecurity, operational, and technological risks, which could have an adverse effect on our business.
  • We are and may continue to be subject to litigation, including individual and class action lawsuits, as well as regulatory audits, disputes, inquiries, investigations, and enforcement actions by regulators and governmental authorities.
  • Risks related to our financial condition
  • Fluctuations in interest rates could impact our results of operations.
  • Fluctuations in currency exchange rates could adversely impact Circle.
  • The nature of our business requires the application of complex financial accounting rules, and there is limited guidance from accounting standard-setting bodies.
  • If we fail to develop and maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired.
  • We might require additional capital to support business growth.
  • The prices of digital assets are extremely volatile, and price fluctuations may adversely impact the value of digital assets that we hold.
  • Risks related to government regulation
  • 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.
  • The financial services industry is subject to intensive regulation.
  • If we were deemed to be an investment company under the 1940 Act, applicable restrictions likely would make it impractical for us to continue our business as currently contemplated.
  • 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. As we continue to expand and localize our international activities, our obligations to comply with the laws, rules, regulations, and policies of a variety of jurisdictions will increase and we may be subject to investigations and enforcement actions by U.S. and non-U.S. regulators and governmental authorities.
  • Our Consolidated Balance Sheets may not contain sufficient amounts or types of regulatory capital to meet the changing requirements of our various regulators worldwide.
  • We obtain and process a large amount of customer data, including sensitive customer data. Any real or perceived improper use of, disclosure of, or access to such data could impose liability on us or harm our reputation and thus have an adverse effect on our business.
  • Risks related to intellectual property
  • Our intellectual property rights are valuable. Any inability to protect and enforce such intellectual property rights could adversely impact our business, results of operations, financial condition, and prospects.
  • Our Collaboration Agreement with Coinbase could cause us to lose ownership or use of our trademarks upon the occurrence of certain events.
  • Our and our partners’ products and services, including the blockchains on which the Circle stablecoins protocols are built, contain third-party open-source software components. Failure to comply with the terms of the underlying open-source software licenses could harm our business.
  • We may be sued by third parties for alleged infringement of their proprietary rights.
  • Risks related to our employees and other service providers
  • We are dependent on certain key personnel and may be unable to attract and retain qualified and skilled employees.
  • Our culture emphasizes innovation, and if we cannot maintain this culture as we grow as a public company, our business and operating results could be adversely impacted.
  • Our officers, directors, employees, and large shareholders may have conflicts of interest with respect to their positions or interests in certain entities and other initiatives.
  • Risks related to our Class A common stock
  • Insiders continue to have substantial control over us and could limit your ability to influence the outcome of key transactions, including a change of control.
  • We face increased costs and devote substantial management time as a newly listed U.S. company.
  • We may not be able to maintain an active, liquid trading market for our Class A common stock.
  • The multiple series structure of our common stock may depress the trading price and liquidity of our Class A common stock.
  • The market price of our Class A common stock may fluctuate significantly.
  • If securities or industry analysts do not regularly publish research or reports about our business, or if they drop coverage of us, or if they issue adverse or misleading opinions regarding our stock, our stock price and trading volume could decline.
  • Some provisions of Delaware law and our certificate of incorporation and bylaws may deter third parties from acquiring us.
  • Our bylaws provide that the Court of Chancery of the State of Delaware and the federal district court for the District of Delaware are the exclusive forums for substantially all disputes between us and our stockholders.
  • We do not anticipate paying any cash dividends in the foreseeable future.
  • General risk factors
  • Adverse economic conditions and geopolitical events may adversely affect our business.
  • Economic uncertainty or instability caused by political and geopolitical developments can negatively impact our business.
  • We may be adversely affected by natural disasters, pandemics, and other catastrophic events, as well as by man-made problems such as terrorism.
  • We have in the past and may in the future acquire other businesses, which could require significant management attention, disrupt our business, dilute shareholder value, and adversely affect our results of operations.

Legal proceedings

From time to time, we may be subject to various legal proceedings and claims that arise in the ordinary course of our business activities. The results of litigation and claims cannot be predicted with certainty. Refer to “Risk factors—Risks related to our business and industry—We are and may continue to be subject to litigation, including individual and class action lawsuits, as well as regulatory audits, disputes, inquiries, investigations, and enforcement actions by regulators and governmental authorities” and Note 22 to our Consolidated Financial Statements included elsewhere in this Form 10-K for a summary of legal proceedings to which we are a party.

The opening of Item 3, Legal Proceedings.6

Sources

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