CRCL — what changed in the latest 10-Q

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

• In the first quarter of 2026, we continued building the infrastructure for an open, programmable internet financial system by scaling adoption of USDC and expanding our platform across product and network milestones.

• During the first quarter of 2026 (compared to the first quarter of 2025):

• •USDC in circulation grew 28% to $77.0 billion; USDC onchain transaction volume grew 263% to $21.5 trillion.

• •Net income from continuing operations decreased 15% to $55 million.

• See “—Non-GAAP Financial Measures” below for a reconciliation of Adjusted EBITDA to net income from continuing operations, the most closely comparable GAAP measure, and additional information about the limitations of our non-GAAP measures.

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• Founded in 2013, Circle’s mission is to raise global economic prosperity through the frictionless exchange of value. We intend to connect the world more deeply by building a new global economic system on the foundation of the internet, and to facilitate the creation of a world where everyone, everyw…

• Since inception, we have relentlessly pursued our mission and vision, building fundamental technology for the internet financial system. We have forged paths toward mainstream acceptance through persistent and active engagement with policymakers and regulators globally, and have seen institutional a…

• Circle’s innovative products reach tens of millions of end-users, power thousands of businesses, and, as of September 30, 2025, USDC has been used for over $41.4 trillion in onchain transactions. While we have made strong progress in our pursuit of our mission and vision over the past decade, we bel…

• We believe that we are well positioned to capitalize on the development of the internet financial system and the reimagining of how money works in the world. The future of money is open, transparent, and digital, and we are at the center of this transformation.

• Our business model is driven by the growth of the Circle stablecoin network, which comprises our stablecoin infrastructure, our banking and reserve management infrastructure, our blockchain infrastructure, and our Developer Services application platform, as well as all the end-users who are active o…

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

• Change in interest rates from average yield of 4.15% in March 2025

• Estimated change in reserve incomeEstimated change in distribution and transaction costs

• Our reporting currency is the U.S. dollar and the functional currency of our international operations is its local currency. The assets and liabilities of each of our international operations are translated into dollars at exchange rates in effect at each balance sheet date. Revenues and expenses ar…

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• Our reporting currency is the U.S. dollar and the functional currency of our international operations is its local currency. The assets and liabilities of each of our international operations are translated into dollars at exchange rates in effect at each balance sheet date. Revenues and expenses ar…

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

• Our business and Class A common stock are subject to many risks, as more fully described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC on March 9, 2026. Except as set forth below, there have been no material changes to the principal risks that we believe are mate…

• 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…

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below together with all of the other information contained in this Form 10-Q, including our unaudited condensed consolidated financial statements and the notes th…

• We operate in a rapidly changing and highly competitive industry, and our results of operations and future prospects depend in part on the continued growth of the Circle stablecoin network, our ability to monetize the Circle stablecoin network, and our ability to innovate and create successful new p…

• Although there may be certain regulatory and other barriers to enter the markets we serve, we nonetheless expect our competition to continue to increase. We face competition from both established enterprises and early-stage companies that are attempting to capitalize on the same, or similar, opportu…

• Our current or future competitors may develop products or services that are similar to our products and services or that achieve greater market acceptance than our products and services, which could attract end-users and customers away from our products and services. For example, we are seeing a rap…

• We currently compete at multiple levels with a variety of competitors, including:

Text added 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 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…

• On March 9, 2026, Hossein Razzaghi, our Chief Commercial Officer, terminated his previous trading plan, entered into on August 27, 2025 before Mr. Razzaghi was an executive officer (the “Previous Razzaghi Plan”). As of the termination of the Previous Razzaghi Plan, 43,119 shares of our Class A commo…

Text removed vs the prior filing · source: 10-Q · 2025-11-12

• During the fiscal quarter ended September 30, 2025, the following Rule 10b5-1 trading arrangements were adopted, amended, or terminated by certain executive officers of the Company:

• On August 14, 2025, Jeremy Fox-Geen, our Chief Financial Officer, terminated his previously reported trading plan adopted on June 4, 2025 (the “Previous Fox-Geen Plan”). As of the termination of the Previous Fox-Geen Plan, no shares of our Class A common stock had been sold under the plan. The adopt…

• On August 14, 2025, in connection with the Company’s follow-on public offering, Heath Tarbert, our President, amended his previously reported trading plan adopted on June 4, 2025. As of the time of such amendment, no shares of our Class A common stock had been sold under the plan. The adoption and s…

• On August 15, 2025, in connection with the Company’s follow-on public offering, Nikhil Chandhok, our Chief Product and Technology Officer, amended his previously reported trading plan adopted on June 4, 2025. As of the time of such amendment, no shares of our Class A common stock had been sold under…

• On August 15, 2025, Sean Neville, one of our directors, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Neville’s plan is for the sale of up to 980,000 shares of Class A common stock (including shares issuable upon exercise of outstanding stock op…