CRCL — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-05

• As previously announced in October 2025, we launched the public testnet of Arc, our open, Layer-1 blockchain network purpose-built to unite programmable money and onchain innovation with real-world economic activity. As of June 30, 2026, since the launch of Arc testnet in October 2025, Arc testnet h…

• (dollar amounts are in millions)Three months ended June 30,Six months ended June 30,

• (1) When calculating USDC in circulation, we exclude: (a) “tokens allowed but not issued,” which are tokens that exist on the Algorand, Hedera, Polkadot, and Solana blockchains due to the technical implementation of USDC on those blockchains. These tokens are held by us in restricted, segregated “to…

• •Interest income on corporate cash and cash equivalents balances;

• Net income (loss) from continuing operations before income taxes

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• As previously announced, in October 2025, we launched the public testnet of Arc, our open, Layer-1 blockchain network purpose-built to unite programmable money and onchain innovation with real-world economic activity. Since then, more than 100 participants spanning banking, capital markets, digital …

• (1) When calculating USDC in circulation, we exclude: (a) “tokens allowed but not issued,” which are tokens that exist on the Algorand, Hedera, Polkadot, and Solana blockchains due to the technical implementation of USDC on those blockchains. These tokens are held by us in restricted, segregated “to…

• Less: Net loss attributable to noncontrolling interests(7)— (7)n.m

• Reserve income. Reserve income increased by $94.6 million, or 17.0%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, of which approximately $200.9 million of the increase is attributable to a 39.1% increase in average daily USDC in circulation reflecting…

• Other revenue. Other revenue increased by $21.0 million, or 101.5%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, due to a $21.9 million increase driven by additional integration services performed, increased blockchain rewards revenue, redemption fees…

Text added vs the prior filing · source: 10-Q · 2026-08-05

• Issues relating to the development and use of artificial intelligence in our business could result in reputational harm, competitive harm, and legal liability, and could adversely affect our business, operating results, and financial condition.

• We use, and may increasingly use, artificial intelligence, machine learning, generative artificial intelligence, and other automated technologies (collectively, “AI”) in our business, including in fraud detection, transaction monitoring, compliance, reserve analytics, smart contract development, cus…

• Our use of AI may result in new or expanded risks and liabilities, including due to regulatory scrutiny, litigation, compliance issues, ethical concerns, confidentiality or security risks, and other factors that could adversely affect our reputation, business, results of operations, financial condit…

• There can be no assurance that our use of AI will enhance our products or services, produce the intended results, or be beneficial to our business. AI systems are complex and may be flawed, reflect unwanted bias, or produce outputs that are incorrect, incomplete, or inconsistent with our policies, r…

• Other risks associated with the use of AI tools could include unauthorized use of our confidential information, or that of our users or third parties, in user prompts, code outputs that are potentially not protectable under copyright, reproduction of our code in code outputs to third parties, use of…

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• The market for blockchain infrastructure is highly competitive, and Arc may fail to achieve sufficient adoption to support a viable ecosystem.

• The market for blockchain infrastructure is intensely competitive. We anticipate that Arc will compete with numerous established and emerging blockchain networks, many of which already have significantly larger developer communities, user bases, and ecosystem resources than Arc would have at the out…

• There can be no assurance that we will launch Arc on our contemplated timeline or that Arc will achieve the adoption necessary to sustain a robust ecosystem. Failure to attract a critical mass of developers, users, and/or applications could limit demand for block space and/or reduce the utility and …

• Moreover, although we have entered into token purchase agreements with certain institutional investors in connection with a presale of ARC Tokens, there can be no assurance that the ARC Token will ultimately be launched. The launch of the ARC Token remains subject to numerous contingencies, includin…

• Arc may be subject to technical risks, including software vulnerabilities, bugs, and failures that could result in loss of assets or network downtime.

Text added vs the prior filing · source: 10-Q · 2026-08-05

• During the fiscal quarter ended June 30, 2026, no directors or executive officers of the Company adopted, modified, or terminated any Rule 10b5-1 trading arrangements.

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• On February 27, 2026, Sean Neville, one of our directors, entered into a trading plan, intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Neville’s plan provides for the sale of up to 300,000 shares of Class A common stock (following the conversion of Class B common stock …

• On March 3, 2026, Jeremy Allaire, our Co-Founder, Chairman, and Chief Executive Officer, terminated his previously reported trading plan adopted on August 14, 2025 (the “Previous Allaire Plan”). As of the termination of the Previous Allaire Plan, 31,251 shares of our Class A common stock had been so…

• On March 6, 2026, Jeremy Fox-Geen, our Chief Financial Officer, entered into a trading plan, intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Fox-Geen’s plan provides for the sale of up to 153,549 shares of Class A common stock (including shares issuable upon exercise of…

• On March 10, 2026, Heath Tarbert, our President, entered into a trading plan, intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Tarbert’s plan provides for the sale of up to 160,000 shares of Class A common stock (including shares issuable upon exercise of outstanding sto…

• On March 10, 2026, Nikhil Chandhok, our Chief Product and Technology Officer, entered into a trading plan, intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Chandhok’s plan provides for the sale of up to 200,144 shares of Class A common stock (including shares issuable up…