Fair value measurements (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 2025 |
Dec. 31, 2024 |
| Fair Value Disclosures [Abstract] |
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| Schedule of fair value, assets and liabilities measured on recurring basis |
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Table 10.1. Fair Value Hierarchy |
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$ |
53,958,277 |
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$ |
— |
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$ |
— |
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$ |
37,841,697 |
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$ |
— |
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$ |
— |
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35,113 |
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— |
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— |
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31,330 |
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— |
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— |
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532 |
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— |
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— |
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14,328 |
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— |
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— |
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Investments - derivatives and embedded derivatives (2)(3) |
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— |
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3,723 |
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— |
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— |
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9,332 |
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— |
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$ |
53,993,922 |
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$ |
3,723 |
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$ |
— |
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$ |
37,887,355 |
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$ |
9,332 |
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$ |
— |
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Convertible debt, net of debt discount |
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$ |
— |
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$ |
— |
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$ |
206,140 |
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$ |
— |
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$ |
— |
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$ |
40,717 |
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— |
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— |
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— |
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— |
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— |
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1,591 |
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$ |
— |
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$ |
— |
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$ |
206,140 |
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$ |
— |
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$ |
— |
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$ |
42,308 |
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(1) |
Included $ 53.2 billion and $ 37.5 billion of Circle Reserve Fund as of June 30, 2025 and December 31, 2024, respectively. |
(2) |
The fair value measurement is based on the quoted market price of the underlying digital asset. |
(3) |
Excluded the host contract balance of $ 1.2 million and $ 0.8 million as of June 30, 2025 and December 31, 2024, respectively. |
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Table 11.1. Fair Value Hierarchy
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$ |
37,841,697 |
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— |
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— |
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$ |
22,237,963 |
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— |
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— |
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Available-for-sale debt securities, at fair value |
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— |
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— |
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— |
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111,407 |
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128,716 |
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— |
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31,330 |
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— |
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— |
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3,297 |
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— |
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— |
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14,328 |
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— |
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— |
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— |
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— |
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— |
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Investments - derivatives and embedded derivatives (2)(3) |
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— |
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9,332 |
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— |
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— |
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4,108 |
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— |
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Convertible debt, net of debt discount |
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— |
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— |
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$ |
40,717 |
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— |
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— |
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$ |
58,487 |
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Obligation to return digital asset collateral — embedded derivatives (2)(4) |
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— |
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— |
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— |
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— |
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1,392 |
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— |
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— |
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— |
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1,591 |
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— |
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— |
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1,642 |
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Prior to January 1, 2024, only digital assets collateral designated as fair value hedged items are included under the fair value hierarchy. Subsequent to the adoption of ASU 2023-08 on January 1, 2024, digital assets are measured at fair value. |
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The fair value measurement is based on the quoted market price of the underlying digital asset. |
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Excluded the host contract balance of $ 0.8 million and $ 1.6 million as of December 31, 2024 and 2023, respectively. |
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Excluded obligation to return digital asset collateral of $ 1.9 million, representing the debt host obligation which is not measured and recorded at fair value as of December 31, 2023. |
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| Schedule of warranty liability |
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Table 10.2. Changes in Carrying Value of Warrant Liability |
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Balance as of December 31, 2024 |
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$ |
1,591 |
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(1,591 |
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Balance as of June 30, 2025 |
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$ |
— |
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Balance as of December 31, 2023 |
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$ |
1,642 |
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(116 |
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Balance as of June 30, 2024 |
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$ |
1,526 |
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Table 11.2. Changes in Carrying Value of Warrant Liability
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Balance as of December 31, 2023 |
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$ |
1,642 |
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(51 |
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Balance as of December 31, 2024 |
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$ |
1,591 |
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Balance as of December 31, 2022 |
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$ |
2,689 |
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(1,047 |
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Balance as of December 31, 2023 |
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$ |
1,642 |
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| Schedule of changes in carrying value of convertible debt, net of debt discount |
The changes in carrying value of convertible debt, net of debt discount are reflected in the following tables (in thousands):
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Table 10.3. Changes in Carrying Value of Convertible Debt |
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Balance as of December 31, 2024 |
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$ |
40,717 |
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Net discount on convertible notes |
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420 |
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334 |
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164,591 |
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Fair value adjustment – credit risk |
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78 |
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Balance as of June 30, 2025 |
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$ |
206,140 |
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Balance as of December 31, 2023 |
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$ |
58,487 |
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Net discount on convertible notes |
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564 |
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479 |
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(3,057 |
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Fair value adjustment – credit risk |
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(91 |
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Balance as of June 30, 2024 |
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$ |
56,382 |
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Table 11.3. Changes in Carrying Value of Convertible Debt
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Balance as of December 31, 2023 |
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$ |
58,487 |
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Net discount on convertible notes |
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1,062 |
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479 |
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(3,428 |
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Fair value adjustment – credit risk |
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(1,095 |
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Conversion of convertible notes to Series E Preferred Shares |
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(14,788 |
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Balance as of December 31, 2024 |
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$ |
40,717 |
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Balance as of December 31, 2022 |
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$ |
78,264 |
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Net discount on convertible notes |
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1,042 |
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470 |
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(20,107 |
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Fair value adjustment – credit risk |
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(1,182 |
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Balance as of December 31, 2023 |
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$ |
58,487 |
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| Schedule of fair value, liabilities measured on recurring basis, unobservable input reconciliation |
The following significant unobservable inputs were used in the valuation:
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Table 10.4. Significant Unobservable Inputs |
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8.0 |
% |
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7.5 |
% |
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56.6 |
% |
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65.0 |
% |
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4.1 |
% |
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4.1 |
% |
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The following significant unobservable inputs were used in the valuation: Table 11.4. Significant Unobservable Inputs
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7.5 |
% |
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11.0 |
% |
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65.0 |
% |
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66.5 |
% |
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4.1 |
% |
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4.2 |
% |
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