PART I [Unaudited Condensed Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The company's H1 2025 financials show significant asset and liability growth from increased USDC circulation, a $583 million IPO, and a $417.3 million net loss due to $423.8 million in stock-based compensation [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $64.2 billion and liabilities to $61.8 billion by June 30, 2025, driven by a $17.4 billion rise in stablecoin-related cash and deposits, while equity grew to $2.37 billion from the IPO and preferred stock conversion | (in thousands) | June 30, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,118,119 | $750,981 | | Cash and cash equivalents segregated for the benefit of stablecoin holders | $61,365,920 | $43,918,572 | | Goodwill | $266,384 | $169,544 | | Intangible assets, net | $396,969 | $331,394 | | **Total Assets** | **$64,153,508** | **$45,834,409** | | **Liabilities & Equity** | | | | Deposits from stablecoin holders | $61,101,523 | $43,727,363 | | **Total Liabilities** | **$61,782,677** | **$44,124,115** | | Redeemable convertible preferred stock | $— | $1,139,765 | | Additional paid-in capital | $3,998,827 | $1,792,969 | | Accumulated deficit | ($1,640,510) | ($1,223,213) | | **Total Stockholders' Equity** | **$2,370,831** | **$570,529** | [Condensed Consolidated Statements Of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20Of%20Operations) The company reported a net loss of $482.1 million for Q2 2025 and $417.3 million for H1 2025, primarily due to a surge in compensation expenses from IPO-related stock-based compensation, despite revenue growth to $658.1 million and $1.24 billion respectively | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total revenue and reserve income | $658,078 | $430,030 | $1,236,651 | $795,124 | | Compensation expenses | $503,392 | $67,604 | $579,012 | $128,753 | | Operating income (loss) | ($325,582) | $50,246 | ($232,642) | $102,565 | | Net income (loss) | ($482,100) | $32,923 | ($417,309) | $81,562 | | Earnings (loss) per share, basic | ($4.48) | $0.00 | ($5.04) | $0.00 | [Condensed Consolidated Statements Of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20Of%20Cash%20Flows) Net cash from operations was $303.7 million, investing used $46.1 million, and financing provided $17.8 billion, primarily from stablecoin deposits and IPO proceeds, leading to an $18.1 billion increase in total cash and equivalents by June 30, 2025 | (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $303,716 | $124,955 | | Net cash (used in) provided by investing activities | ($46,108) | $52,221 | | Net cash provided by financing activities | $17,797,061 | $7,632,000 | | Net increase in cash and cash equivalents | $18,107,916 | $7,806,941 | [Notes To Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20To%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the June 2025 IPO's $583 million net proceeds and $423.8 million stock-based compensation, the $100.1 million Hashnote acquisition, primary revenue from reserve income, and an unquantifiable legal dispute with FT Partners - In June 2025, the company completed its IPO, raising net proceeds of **$583.0 million**. This event triggered the conversion of all redeemable convertible preferred stock into **139.8 million** shares of Class A common stock[30](index=30&type=chunk)[31](index=31&type=chunk) - The IPO caused the vesting of certain performance-based RSUs, resulting in the recognition of **$423.8 million** of stock-based compensation expense[32](index=32&type=chunk)[120](index=120&type=chunk) - In January 2025, the company acquired Hashnote for approximately **$100.1 million**, consisting of **$10.2 million** in cash and **2.9 million** shares of Class A common stock. The acquisition resulted in **$96.8 million** of goodwill[50](index=50&type=chunk)[54](index=54&type=chunk) - The company is in a legal dispute with a former financial advisor, FT Partners, regarding advisory fees. The company disputes the claim, and the outcome cannot be reasonably quantified at this time[132](index=132&type=chunk) [Management's Discussion And Analysis Of Financial Condition And Results Of Operations](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20And%20Analysis%20Of%20Financial%20Condition%20And%20Results%20Of%20Operations) Management attributes performance to USDC growth, with reserve income rising to $1.19 billion despite a net loss of $417.3 million due to a one-time $423.8 million stock compensation expense, emphasizing regulatory approach and strategic partnerships Key Operating and Financial Indicators (Six Months Ended June 30) | (in millions, except percentages) | 2025 | 2024 | | :--- | :--- | :--- | | Average USDC in circulation | $57,574 | $30,405 | | Reserve return rate | 4.2% | 5.2% | | Total revenue and reserve income | $1,237 | $795 | | Net income (loss) from continuing operations | ($417) | $82 | | Adjusted EBITDA (Non-GAAP) | $248 | $159 | - The increase in reserve income for H1 2025 was driven by an **89%** increase in average daily USDC circulation, which was partially offset by a **100 basis point** decline in average yields[217](index=217&type=chunk) - Compensation expenses for H1 2025 increased by **$450.3 million** year-over-year, primarily due to **$423.8 million** in stock-based compensation expense recognized upon the IPO[221](index=221&type=chunk) Composition of USDC Reserves (as of June 30, 2025) | Asset Class | Fair Value (in millions) | Average Yield (Q2 2025) | | :--- | :--- | :--- | | Cash | $8,233 | 3.45% | | Circle Reserve Fund | $53,165 | 4.24% | [Quantitative And Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20And%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate sensitivity, with a 100 bps rate increase potentially boosting annual reserve income by $618 million, while foreign currency risk is deemed immaterial Hypothetical 12-Month Impact of Interest Rate Changes | Change in interest rates | Estimated change in reserve income (in millions) | Estimated change in distribution and transaction costs (in millions) | | :--- | :--- | :--- | | +200 bps | $1,235 | $631 | | +100 bps | $618 | $315 | | -100 bps | ($618) | ($315) | | -200 bps | ($1,235) | ($631) | - The company acknowledges that predicting the impact of interest rate changes on overall reserve income is difficult because the effect on USDC in circulation is uncertain and unproven[279](index=279&type=chunk) [Controls And Procedures](index=56&type=section&id=Item%204.%20Controls%20And%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Management, including the principal executive officer and principal financial officer, concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective at the reasonable assurance level[282](index=282&type=chunk) - No changes occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[283](index=283&type=chunk) PART II [Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings arising from ordinary business, with details on specific matters, including a financial advisor dispute, referenced in Note 22 and Risk Factors - The company is involved in various legal proceedings and claims arising from its business activities. For a summary of these proceedings, the report refers to Note 22 of the condensed consolidated financial statements[288](index=288&type=chunk) [Risk Factors](index=58&type=section&id=Item%201a.%20Risk%20Factors) The company faces intense competition, regulatory uncertainty from the GENIUS Act, heavy reliance on third parties like BlackRock for USDC reserves, operational risks including stablecoin 'runs', financial risks from interest rate volatility, and a significant legal dispute with FT Partners - The company faces intense competition from other stablecoins, banks, and new yield-bearing digital assets like TMMFs, which could reduce demand and circulation of Circle stablecoins[290](index=290&type=chunk)[292](index=292&type=chunk)[297](index=297&type=chunk) - The recently enacted GENIUS Act will create a new federal regulatory regime for payment stablecoins. While it provides a path to regulatory clarity, its implementation is uncertain and could impose additional costs, limit reserve asset flexibility, and encourage new competitors[310](index=310&type=chunk)[311](index=311&type=chunk)[312](index=312&type=chunk) - As of June 30, 2025, approximately **87%** of USDC reserves are held in the Circle Reserve Fund, managed by BlackRock. The business is subject to risks associated with BlackRock's management and the fund's availability[318](index=318&type=chunk) - The company is in a legal dispute with financial advisor FT Partners over fees for several transactions, including the IPO. An adverse outcome could require substantial payments and affect future capital raises[370](index=370&type=chunk) [Unregistered Sales Of Equity Securities And Use Of Proceeds](index=94&type=section&id=Item%202.%20Unregistered%20Sales%20Of%20Equity%20Securities%20And%20Use%20Of%20Proceeds) The June 2025 IPO generated **$583.0 million** in net proceeds from selling **19.9 million** Class A shares at **$31.00** each, with funds used for RSU tax withholding and general corporate purposes - The company's June 2025 IPO generated net proceeds of **$583.0 million** from the sale of **19.9 million** Class A shares at **$31.00** per share[479](index=479&type=chunk) - Proceeds were used to satisfy tax withholding on vested RSUs and for general corporate purposes. The company did not receive any proceeds from the **19.2 million** shares sold by selling stockholders[479](index=479&type=chunk)[481](index=481&type=chunk) [Other Information](index=94&type=section&id=Item%205.%20Other%20Information) Several executive officers, including the CEO and CFO, adopted Rule 10b5-1 trading plans in June 2025 for future stock sales, established during an open trading window with required cooling-off periods - In June 2025, CEO Jeremy Allaire, CFO Jeremy Fox-Geen, and other key executives adopted Rule 10b5-1 trading plans to sell portions of their Class A common stock over specified periods through 2026[482](index=482&type=chunk)[484](index=484&type=chunk)[485](index=485&type=chunk) [Exhibits](index=95&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including corporate governance documents, incentive plans, CEO/CFO certifications, and XBRL data files

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced and qualified news journalists who produce independent content [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Financial Data and Key Metrics Changes - USDC in circulation reached $61.3 billion at the end of Q2 2025, representing a 90% year-over-year growth, and increased to $65.2 billion by August 10, 2025, marking a 6.4% growth since quarter-end [7][26] - Total revenue and reserve income increased by 53% year-over-year to $658 million in Q2 2025, while total distribution transaction and other costs rose by 64% year-over-year to $407 million [26][27] - Adjusted EBITDA for Q2 2025 was $126 million, up 52% year-over-year, with a 50% adjusted EBITDA margin [28] Business Line Data and Key Metrics Changes - USDC on-chain transaction volume grew 5.4 times year-over-year to nearly $6 trillion, with a significant acceleration into Q3 [7][25] - CCTP volume also showed strong growth, up 4.1 times year-over-year, indicating the importance of blockchain interoperability [25] - Other revenue increased to $24 million in Q2 2025, up 3.5 times year-over-year, driven by a $13 million increase in subscription and services revenue [27] Market Data and Key Metrics Changes - The total addressable market for stablecoins is estimated to be massive, with dollar stablecoins representing only 1% of the U.S. M2 money supply [8][9] - The company operates the largest regulated stablecoin network globally, with significant growth driven by partnerships with major financial institutions and technology companies [10][11] Company Strategy and Development Direction - The company aims to build a new Internet financial system using blockchain and digital currency, focusing on mainstream adoption of stablecoins [6][7] - The launch of the Circle Payments Network (CPN) and the new Layer 1 blockchain network, Arc, are key initiatives to enhance global money movement and financial services [12][15] - The Genius Act is expected to accelerate stablecoin adoption among major financial institutions and enterprises, creating a favorable regulatory environment [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the rapid expansion of commercial opportunities post-IPO and the Genius Act, with increasing interest from various sectors [8][11] - The company anticipates a conservative multi-year growth rate of 40% CAGR for USDC, with other revenue expected to range between $75 million and $85 million for 2025 [30][32] - Management emphasized the importance of building strong partnerships and the long-term potential of the stablecoin market [29][30] Other Important Information - The company has reserved 2.7 million shares of Class A common stock for future donations to the Circle Foundation as part of its corporate impact commitment [8] - The company is focused on enhancing its liquidity capabilities and expanding its partnerships with global financial institutions [12][18] Q&A Session Summary Question: Insights on ARC and its revenue model - Management highlighted that ARC is designed to support mainstream regulated financial institutions and that gas fees denominated in USDC could become a source of revenue [34][36] Question: Details on the USYC partnership with Binance - The partnership with Binance includes deeper integration of Circle's wallet technology and aims to promote USDC and USYC as yield-bearing collateral [39][41] Question: Understanding transaction volume versus circulation - Management explained that the high velocity of USDC transactions is due to improvements in blockchain technology, allowing for faster and cheaper transactions [48][50] Question: Future milestones for CPN - The focus is on activating more payment corridors and enhancing product features based on market demand [54][56] Question: Payment networks and competition - Management stated that the company views itself as part of a broader ecosystem, encouraging multiple networks to utilize USDC [64][66] Question: Adoption of USDC in remittance - The company is seeing increased demand for USDC in remittance, with partnerships expanding in this area [76][78] Question: Partnership with OKX - The partnership with OKX aims to integrate Circle Wallet technology and enhance liquidity for USDC among its 60 million users [82][84] Question: Growth post-Genius Act - Management noted a significant increase in institutional interest and engagement since the passage of the Genius Act, indicating a positive market response [94][96]

Financial Data and Key Metrics Changes - USDC in circulation grew to $61.3 billion at June 30, representing a 90% year-over-year increase, and reached $65.2 billion by August 10, marking a 6.4% increase since quarter-end [7][28] - Total revenue and reserve income increased by 53% year-over-year to $658 million in Q2, while total distribution transaction and other costs rose by 64% year-over-year to $407 million [28][29] - Adjusted EBITDA was $126 million in the quarter, up 52% year-over-year, resulting in a 50% adjusted EBITDA margin [30] Business Line Data and Key Metrics Changes - USDC on-chain transaction volume grew 5.4 times year-over-year to nearly $6 trillion, with $2.4 trillion in transactions recorded in July alone [7][27] - CCTP volume also showed significant growth, up 4.1 times year-over-year, indicating the importance of blockchain interoperability [27] - Other revenue increased to $24 million in Q2, up 3.5 times year-over-year, primarily driven by a $13 million increase in subscription and services revenue [29] Market Data and Key Metrics Changes - The total addressable market for stablecoins is considered massive, with dollar stablecoins representing only 1% of the U.S. M2 money supply [9] - The company operates the largest regulated stablecoin network globally, with significant growth driven by partnerships with major financial institutions and technology companies [11][22] Company Strategy and Development Direction - The company aims to build the largest stablecoin network, leveraging its platform to support developers, enterprises, and institutions [24] - The launch of the Circle Payments Network (CPN) is a key initiative to transform international money movement, with active payment corridors already established in several countries [13][58] - The introduction of ARC, a new Layer 1 blockchain, is designed to support stablecoin finance and enhance transaction efficiency [15][93] Management's Comments on Operating Environment and Future Outlook - Management highlighted the rapid expansion of commercial opportunities post-IPO and the positive impact of the Genius Act on stablecoin adoption [12][99] - The company anticipates a conservative multi-year growth rate of 40% CAGR for USDC, reflecting the increasing demand for stablecoins across various sectors [31][108] - Management emphasized the importance of building strong partnerships and the need for financial institutions to integrate new technologies, which may take time [100] Other Important Information - The company has committed to corporate impact by reserving shares for future donations to its foundation [9] - The regulatory environment is seen as a significant tailwind for the company's growth, particularly with the passage of the Genius Act [12][100] Q&A Session Summary Question: Thoughts on ARC and its revenue model - Management expressed excitement about ARC and its potential to underpin stablecoin finance, with gas fees in USDC expected to become a revenue source [35][39] Question: Details on USYC and partnership with Binance - The expanded partnership with Binance includes deeper integration of Circle's wallet technology and aims to promote USDC and USYC as yield-bearing collateral [40][44] Question: Understanding transaction volume versus circulation - Management explained that the high velocity of USDC transactions reflects improvements in blockchain technology and growing payment utility [50][53] Question: Milestones for CPN and its relationship with ARC - The focus is on activating more payment corridors and developing self-service tools for institutions to integrate with CPN [58][60] Question: Payment networks and competition - Management views USDC as a market-neutral infrastructure that supports various payment networks, emphasizing the importance of growing utility and distribution [64][66] Question: Adoption of USDC in remittance - The company is seeing increasing demand for USDC in remittance, with partnerships expanding in both consumer and B2B segments [78][80] Question: Partnership with OKX - The partnership with OKX aims to enhance liquidity and promote USDC to a large user base, contributing to the growth of the network [82][86] Question: Distribution and gas fees for ARC - Management discussed the goal of having a distributed network of professional validators for ARC, ensuring low and predictable transaction costs [90][92] Question: Impact of the Genius Act on growth - Management noted a significant increase in institutional interest post-Genius Act, which is expected to drive further adoption of USDC [95][100]

智通财经APP获悉，在完成近年来最引人注目的公开上市仅两个月后，稳定币发行商Circle(CRCL.US) 第二季度出现亏损，同时营收超出预期。截至发稿，该公司股价在盘前交易中上涨约7%，涨至约172美 元，其IPO发行价为31美元。 公司表示，总分销、交易和其他成本同比增长64%至4.07亿美元，主要源于USDC流通余额增加和 Coinbase平台持有USDC增长带来的分销支付增加，以及新战略合作伙伴关系产生的分销费用。 为促进增长，Circle于6月宣布计划在美国创建全国性信托银行。若获批，由联合创始人兼首席执行官杰 里米·阿莱尔领导的Circle将能够自行管理储备金，并可能通过备受追捧的美联储主账户直接接入美国支 付系统。 Circle表示，4.82亿美元的净亏损(合每股4.48美元)主要受到IPO相关非现金费用的重大影响。去年同期 公司实现净利润约3200万美元。营收增长53%至6.58亿美元，超过彭博调查分析师平均预期的6.473亿美 元。 该公司还宣布推出Arc——专为稳定币金融打造的开源Layer 1区块链，从而构建自主的全栈平台。 这家稳定币发行商第二季度经调整的息税折旧摊销前利润为1.26亿 ...

Market Overview - US stock index futures are all down before the market opens, with Dow futures down 0.05%, S&P 500 futures down 0.07%, and Nasdaq futures down 0.06% [1] - The German DAX index is down 0.49%, while the UK FTSE 100 is up 0.07%, and the French CAC40 is up 0.10% [2][3] - WTI crude oil is down 0.69% at $63.52 per barrel, and Brent crude oil is down 0.51% at $66.29 per barrel [3][4] Economic Data and Inflation - The US July Consumer Price Index (CPI) is set to be released, with expectations of a year-on-year increase of 2.8%, up from 2.7% in June [4][5] - Core CPI, excluding food and energy, is expected to rise to 3.0% year-on-year, indicating persistent inflation pressures [4][5] Corporate Earnings and Stock Buybacks - US companies are projected to repurchase over $1.1 trillion in stock this year, with $983.6 billion already announced [6] - Major companies leading the buyback trend include Apple, Alphabet, JPMorgan Chase, Bank of America, and Morgan Stanley [6] Federal Reserve and Interest Rates - There is speculation that the Federal Reserve may cut interest rates twice by 25 basis points this year, with some investors betting on a 50 basis point cut in September [5] - The selection process for the next Federal Reserve Chair is intensifying, with candidates including Michelle Bowman, Philip Jefferson, and Lori Logan [7] Trade Policies and Tariffs - Goldman Sachs warns that 70% of the costs from tariffs imposed by President Trump are being passed on to US consumers, with the burden expected to increase [7] - The US and China have agreed to pause the implementation of 24% tariffs for 90 days, while retaining 10% tariffs on certain goods [8] Company-Specific News - Sea Ltd reported Q2 revenue of $5.26 billion, a 38.2% year-on-year increase, driven by strong performance in e-commerce and digital financial services [9] - Circle's Q2 revenue increased by 53% to $658 million, with a net loss of $482 million primarily due to IPO-related expenses [10] - Smithfield Foods reported a Q2 sales increase of 11% to $3.79 billion, driven by strong demand for packaged meat products [11] - Tencent Music's Q2 revenue grew by 17.9% to 8.44 billion yuan, with online music service revenue increasing by 26.4% [12] - Pony.ai's Q2 revenue surged by 75.9% to 215 million USD, with a significant increase in Robotaxi passenger fare income [13] - Yalla Technology's Q2 revenue was $84.6 million, slightly below expectations, with a 7% decline in paid user numbers [14] Regulatory and Legal Developments - Elon Musk has criticized Apple for allegedly favoring OpenAI in the App Store, indicating potential legal action [15] - President Trump is considering allowing Nvidia and AMD to export downgraded AI chips to China, with a 15% revenue share for the US government [16]

格隆汇8月12日｜"稳定币第一股"Circle(CRCL.US)盘前直线拉升，一度涨超8%。业绩面上，Circle第二 季度营收6.58亿美元，同比增长53%；净亏损为4.82亿美元。 ...

Circle Q2 2025 Earnings Release [Performance Highlights](index=1&type=section&id=Performance%20Highlights) Circle's Q2 2025 saw strong USDC circulation and revenue growth, offset by an IPO-related net loss, alongside key strategic launches Q2 2025 Key Financial Metrics | Metric | Q2 2025 Value | Year-over-Year Change | | :--- | :--- | :--- | | USDC in Circulation | $61.3 billion | +90% | | Total Revenue and Reserve Income | $658 million | +53% | | Net Loss | $(482) million | - | | Adjusted EBITDA | $126 million | +52% | - The reported net loss of **$482 million** was significantly impacted by **$591 million** in non-cash charges related to the company's IPO. These charges consisted of **$424 million** for stock-based compensation and a **$167 million** increase in the fair value of convertible debt[5](index=5&type=chunk) - CEO Jeremy Allaire emphasized the successful IPO as a pivotal moment for both Circle and the broader adoption of stablecoins, noting accelerating interest from partners in the financial and internet sectors[4](index=4&type=chunk) - Key corporate developments include a successful **$1.2 billion IPO**, the launch of the Circle Payments Network, and the introduction of Arc, an open Layer-1 blockchain for stablecoin finance[5](index=5&type=chunk)[6](index=6&type=chunk) [Financial Results and Operating Indicators](index=2&type=section&id=Financial%20Results%20and%20Operating%20Indicators) Q2 2025 revenue grew **53%** to **$658 million**, with USDC circulation up **90%**, but a **$482 million** net loss was driven by IPO expenses [Key Financial Results and Operating Indicators Table](index=2&type=section&id=Key%20Financial%20Results%20and%20Operating%20Indicators%20Table) Q2 2025 Financial Results vs. Q2 2024 | Key Financial Results | Q2 2025 | YoY Change | | :--- | :--- | :--- | | Total Revenue and Reserve Income | $658M | 53% | | Revenue Less Distribution Costs (RLDC) | $251M | 38% | | RLDC Margin | 38% | (408bps) | | Net Income (Loss) | $(482)M | NM | | Adjusted EBITDA | $126M | 52% | | Adjusted EBITDA Margin | 50% | 463bps | Q2 2025 Key Operating Indicators vs. Q2 2024 | Key Operating Indicators | Q2 2025 | YoY Change | | :--- | :--- | :--- | | USDC in Circulation (end of period) | $61.3B | 90% | | Average USDC in Circulation | $61.0B | 86% | | Reserve Return Rate | 4.1% | (103bps) | | Stablecoin Market Share (end of period) | 28% | 595bps | | Meaningful Wallets (end of period) | 5.7M | 68% | [Detailed Financial Performance](index=3&type=section&id=Detailed%20Financial%20Performance) Reserve Income grew **50%** to **$634 million** from **86%** higher USDC circulation, with operating expenses including **$424 million** in IPO stock-based compensation - Reserve Income increased **50%** YoY to **$634 million**, primarily due to an **86%** growth in average USDC circulation, which was partially offset by a **103 bps** decline in the reserve return rate[10](index=10&type=chunk) - Other Revenue grew significantly by **252%** YoY to **$24 million**, driven by strong growth in Subscription and Services Revenue and Transaction Revenue[10](index=10&type=chunk) - Total Distribution, Transaction and Other Costs rose **64%** YoY to **$407 million**, mainly due to increased distribution payments tied to higher USDC circulation and new strategic partnerships[10](index=10&type=chunk) - Operating Expenses were **$577 million**, which includes a substantial **$424 million** in stock-based compensation expenses related to the vesting of RSUs upon the IPO[10](index=10&type=chunk) [Corporate & Commercial Highlights](index=2&type=section&id=Corporate%20%26%20Commercial%20Highlights) Circle completed a **$1.2 billion IPO**, launched CPN and Arc blockchain, expanded partnerships, and strengthened its regulated stablecoin position via the GENIUS Act [Initial Public Offering (IPO)](index=2&type=section&id=Initial%20Public%20Offering%20(IPO)) Circle completed a **$1.2 billion IPO** in June, selling **19.9 million shares** at **$31** for **$583 million** net proceeds - In June, Circle completed a **$1.2 billion** initial public offering. The company sold **19.9 million** new shares at **$31** per share, resulting in net proceeds of **$583 million** after underwriting discounts and before offering costs[6](index=6&type=chunk) [Strategic Initiatives and Partnerships](index=3&type=section&id=Strategic%20Initiatives%20and%20Partnerships) Circle launched the Circle Payments Network and Arc blockchain, showing strong momentum with **100+ institutions** and expanded strategic industry partnerships - The Circle Payments Network (CPN), launched in May, shows strong early momentum with **100+ financial institutions** in the pipeline and plans for expansion in H2 2025[10](index=10&type=chunk) - Circle introduced Arc, an open Layer-1 blockchain designed for stablecoin payments, FX, and capital markets, featuring USDC as the native gas token. A public testnet is expected in the fall[14](index=14&type=chunk) - The company announced new or expanded strategic partnerships with key industry players including Binance, Corpay, FIS, Fiserv, and OKX to broaden USDC adoption and integration[10](index=10&type=chunk)[14](index=14&type=chunk) [Regulatory Developments](index=3&type=section&id=Regulatory%20Developments) The GENIUS Act established a federal regulatory framework for payment stablecoins, strengthening Circle's position as a leading regulated issuer - The GENIUS Act was signed into law, establishing a federal regulatory framework for payment stablecoins. This development is seen as strengthening Circle's position as a leading regulated issuer, as the act codifies many of Circle's long-standing compliance practices[10](index=10&type=chunk) [Forward Outlook](index=4&type=section&id=Forward%20Outlook) Circle projects a multi-year **40% CAGR** for USDC circulation, with FY 2025 guidance for Other Revenue at **$75-$85 million** and Adjusted Operating Expenses at **$475-$490 million** Company Guidance | Key Indicator | Period | Outlook | | :--- | :--- | :--- | | USDC in Circulation | Multi-year through cycle | 40% CAGR | | Other Revenue | FY 2025 | $75-$85M | | RLDC Margin | FY 2025 | 36-38% | | Adjusted Operating Expenses | FY 2025 | $475-490M | [Financial Statements](index=8&type=section&id=Financial%20Statements) Total assets reached **$64.2 billion** by June 30, 2025, driven by stablecoin holdings, with Q2 2025 reporting a **$482.1 million net loss** due to **$503.4 million** in IPO compensation expense [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to **$64.15 billion** by June 30, 2025, driven by cash for stablecoin holders, with total liabilities at **$61.78 billion** Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$64,153,508** | **$45,834,409** | | Cash and cash equivalents segregated for stablecoin holders | $61,365,920 | $43,918,572 | | **Total Liabilities** | **$61,782,677** | **$44,124,115** | | Deposits from stablecoin holders | $61,101,523 | $43,727,363 | | **Total Stockholders' Equity** | **$2,370,831** | **$570,529** | [Condensed Consolidated Statements of Operations](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 total revenue was **$658.1 million**, but a **$482.1 million net loss** resulted from **$503.4 million** in compensation expenses, contrasting with Q2 2024's net income Statement of Operations Summary - Three Months Ended June 30 (in thousands) | Account | 2025 | 2024 | | :--- | :--- | :--- | | Total revenue and reserve income | $658,078 | $430,030 | | Total distribution, transaction and other costs | $406,942 | $248,377 | | Total operating expenses | $576,718 | $131,407 | | *Compensation expenses* | *$503,392* | *$67,604* | | Operating income (loss) | $(325,582) | $50,246 | | **Net income (loss)** | **$(482,100)** | **$32,923** | | Earnings (loss) per share, basic and diluted | $(4.48) | $0.00 | [Quarterly Results of Operations](index=11&type=section&id=Quarterly%20Results%20of%20Operations) Quarterly revenue and reserve income trended upward, reaching **$658 million** in Q2 2025, with RLDC at **$251 million** and a **38% RLDC Margin** Quarterly Revenue and Margin Trend (in millions) | Metric | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenue and Reserve Income | $658 | $579 | $435 | $446 | $430 | | RLDC | $251 | $231 | $131 | $188 | $182 | | RLDC Margin | 38% | 40% | 30% | 42% | 42% | [Non-GAAP Financial Measures and Reconciliations](index=12&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) Circle uses non-GAAP measures; Q2 2025 Adjusted EBITDA was **$125.8 million**, reconciled from a **$482.1 million net loss** by excluding **$435.0 million** in stock-based compensation [Reconciliation of Adjusted EBITDA to Net Income](index=13&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA%20to%20Net%20Income) Q2 2025 Adjusted EBITDA was **$125.8 million**, reconciled from a **$482.1 million net loss** by adding back **$435.0 million** in stock-based compensation and **$167.7 million** in fair value changes Q2 2025 Adjusted EBITDA Reconciliation (in thousands) | Line Item | Amount | | :--- | :--- | | Net income (loss) from continuing operations | $(482,100) | | Stock-based compensation expense | $434,966 | | Change in fair value of convertible debt, etc. | $167,724 | | Other adjustments (Depreciation, taxes, etc.) | $5,243 | | **Adjusted EBITDA** | **$125,833** | [Reconciliation of Adjusted Operating Expenses to Operating Expenses](index=14&type=section&id=Reconciliation%20of%20Adjusted%20Operating%20Expenses%20to%20Operating%20Expenses) Q2 2025 Adjusted Operating Expenses were **$128.2 million**, derived from **$576.7 million** in GAAP operating expenses by excluding **$435.0 million** in stock-based compensation and other non-cash items Q2 2025 Adjusted Operating Expenses Reconciliation (in thousands) | Line Item | Amount | | :--- | :--- | | Operating expenses | $576,718 | | Less: Stock-based compensation expense | $(434,966) | | Less: Depreciation and amortization expense | $(14,209) | | Less: Digital asset (gains) losses | $693 | | **Adjusted Operating Expenses** | **$128,236** | FY 2025 Forward Outlook Reconciliation for Adjusted Operating Expenses (in millions) | Line Item | Low | High | | :--- | :--- | :--- | | Operating expenses | $1,150 | $1,190 | | Less: Stock-based compensation expense | $(556) | $(571) | | Less: Depreciation and amortization | $(70) | $(80) | | Less: Other adjustments | $(49) | $(49) | | **Adjusted Operating Expenses** | **$475** | **$490** |

Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period. Considering buying CRCL stock? Here's what analysts think: Circle Internet Group CRCL will release earnings results for the second quarter before the opening bell on Tuesday, Aug. 12. Analysts expect the New York-based company to report quarterly earnings at 34 cents per share. Circle Internet projects to report quarterly revenue of $644.72 million, according to data from Benzinga Pro. On Aug. 6, Corpay a ...

稳定币发行商Circle(CRCL.US)自6月首次公开募股以来其业务发展迅猛。该公司将于周二首次公布上市 后的季度业绩报告。数据显示，华尔街预计Circle在开盘前发布的第二季度财报将出现亏损。市场普遍 预期其调整后每股亏损0.08美元，营收为6.47亿美元。该股票自其每股31美元的首次公开募股价格以来 已上涨超过400%。这是因为美国有利于加密货币的立法措施推动了该行业的发展。 然而，华尔街的另一些人则认为，这只股票能让投资者参与到人们对稳定币日益高涨的热情之中。 Seaport Research分析师Jeff Cantwell上个月写道："Circle是稳定币领域的全球领军企业，目前在公开市 场上的稳定币业务最为纯粹。我们预计随着该公司为自身及其合作伙伴创造更多机会，其股价还将进一 步上涨。"该分析师对该股票给予"买入"评级，并设定目标价格为280美元。 在美国法案获得通过后，投资者将会关注美元稳定币的流通量以及稳定币的市场份额的变化。该法案为 以美元等资产为支撑的数字代币制定了监管框架和相关规则。 Circle公司的主要收入来源是利息收入——具体来说就是来自为其稳定币(USDC，即USDC对美元的兑 ...