Ctrl K
The company maintains a clean capital structure with zero debt as of 2026Q1, supported by a massive $77.4B cash and equivalent position reported in 2025Q4.
| Cash & Short Term Investments | 82.01B | 77.42B | 765.31M | 520.81M | 45.41B | 161.56M | 40.05M |
| Cash & Due from Banks | 1.73B | 77.42B | 750.98M | 368.62M | 36.66B | 161.56M | 26.42M |
| Short Term Investments | 0 | 0 | 14.33M | 152.18M | 8.75B | 0 | 13.63M |
| Total Investments | 103.76M | 173.57M | 129.77M | 330.91M | 8.84B | 28.23M | 15.94M |
| Investments Growth % | 94.9% | 33.75% | -60.78% | -96.25% | 31195.54% | 77.14% | - |
| Long-Term Investments | 598.17M | 173.57M | 115.44M | 178.73M | 86.56M | 28.23M | 2.31M |
| Accounts Receivables | 0 | 62.87M | 145.31M | 1.94M | 3.64M | 22.7M | 1.59M |
| Goodwill & Intangibles | 712.32M | 676.89M | 500.94M | 496.93M | 217.44M | 272.71M | 32.16M |
| Goodwill | 265.74M | 265.74M | 169.54M | 169.54M | 169.54M | 24.01M | 24.01M |
| Intangible Assets | 446.58M | 411.15M | 331.39M | 327.38M | 47.9M | 248.69M | 8.14M |
| PP&E (Net) | 22.18M | 22.79M | 18.68M | 4.24M | 7.22M | 1.21M | 428K |
| Other Assets | 146.24M | 27.38M | 24.17M | 3.56M | 1.62M | 21.96M | 2.96M |
| Total Current Assets | 76.17B | 77.8B | 45.16B | 25.31B | 46.25B | 43.57B | 4.14B |
| Total Non-Current Assets | 995.84M | 911.74M | 669.46M | 683.45M | 486.85M | 324.11M | 37.85M |
| Total Assets | 77.17B | 78.71B | 45.83B | 26B | 46.73B | 43.9B | 4.18B |
| Asset Growth % | 121.37% | 71.73% | 76.31% | -44.37% | 6.46% | 949.96% | - |
| Return on Assets (ROA) | 0.58% | -0.11% | 0.43% | 0.74% | -1.7% | -2.11% | 0.09% |
| Accounts Payable | 0 | 360.61M | 118.07M | 17.39M | 10.99M | 0 | 0 |
| Total Debt | 0 | 36.82M | 40.72M | 60.27M | 81.89M | 928.16M | 57.17M |
| Net Debt | -1.73B | -77.38B | -710.26M | -308.36M | -36.58B | 766.6M | 30.75M |
| Long-Term Debt | 0 | 0 | 40.72M | 58.49M | 78.26M | 904.12M | 44.67M |
| Short-Term Debt | 0 | 36.82M | 0 | 1.65M | 1.93M | 24.04M | 12.5M |
| Other Liabilities | 24.84M | 25.34M | 1.16B | 10.08M | 2.69M | 280.57M | 289.12M |
| Total Current Liabilities | 73.6B | 75.33B | 44.03B | 24.44B | 45.59B | 43.48B | 4.13B |
| Total Non-Current Liabilities | 53.33M | 54.04M | 1.23B | 88.31M | 260.58M | 1.18B | 338.94M |
| Total Liabilities | 73.66B | 75.38B | 45.26B | 24.53B | 45.85B | 44.66B | 4.47B |
| Total Equity | 3.51B | 3.33B | 570.53M | 1.47B | 879.16M | -768.41M | -286.51M |
| Equity Growth % | 613.7% | 483.8% | -61.21% | 67.29% | 214.41% | -168.19% | - |
| Equity / Assets (Capital Ratio) | 4.55% | 4.23% | 1.24% | 5.66% | 1.88% | -1.75% | -6.85% |
| Return on Equity (ROE) | 13.58% | -3.56% | 15.25% | 22.77% | -1388.42% | - | - |
| Book Value per Share | 13.07 | 13.75 | 7.81 | 21.77 | 18.84 | -17.33 | -6.46 |
| Tangible BV per Share | 10.41 | 10.95 | 0.95 | 14.42 | 14.18 | -23.48 | -7.19 |
| Common Stock | 0 | 26K | 6K | 6K | 5K | 5K | 4K |
| Additional Paid-in Capital | 0 | 4.61B | 1.79B | 1.72B | 1.4B | 113.1M | 91.8M |
| Retained Earnings | 0 | -1.29B | -1.22B | -1.39B | -1.65B | -883.35M | -374.92M |
| Accumulated OCI | 0 | 14.52M | 3.64M | 4.93M | 3.36M | 4.71M | -518K |
| Treasury Stock | 0 | -2.72M | -2.88M | -2.88M | -2.88M | -2.88M | -2.88M |
| Preferred Stock | 0 | 0 | 0 | 1.13B | 1.13B | 0 | 0 |
Interest rate sensitivity
As reported in financial statements, CRCL's total assets have surged from $45.8B in 2024Q4 to $80.5B by 2026Q1, a trend that appears directly correlated with the growth in USDC circulation and the subsequent accumulation of interest-bearing reserve assets held to back the stablecoin supply.
The rapid expansion of the balance sheet reflects the company's success in scaling its primary product, though this growth is inherently tied to the broader adoption of digital dollar assets. Investors should monitor whether this asset growth can eventually translate into sustainable profitability, as the current trajectory shows a significant increase in scale without a corresponding improvement in net earnings.
Based on reported figures, CRCL maintains a remarkably clean balance sheet with debt levels falling from $206.1M in 2025Q2 to zero by 2026Q1, suggesting that the company relies on its internal float and equity capital rather than external credit facilities to fund its operations.
The absence of long-term debt indicates a conservative capital structure that minimizes interest expense risk, which is prudent given the company's sensitivity to interest rate fluctuations. This lack of leverage provides a significant buffer against market volatility, though it also implies that the company must rely heavily on its reserve yield to cover ongoing operational costs.
According to recent SEC filings, the company's equity base has shown volatility, growing from $570.5M in 2024Q4 to $3.4B in 2026Q1, despite persistent negative retained earnings that reached -$1.3B by the end of 2025, indicating that capital raises are likely offsetting operational losses.
The reliance on external equity to sustain the business model suggests that the core issuance business has not yet reached a self-sustaining level of profitability. Analysts should scrutinize the dilution impact of these capital injections, as the current equity growth appears to be driven by financing activities rather than organic earnings retention.
As indicated by the provided data, the current ratio has remained remarkably stable at approximately 1.03 over the last several quarters, reflecting a highly liquid asset mix designed to match the immediate redemption requirements of the USDC stablecoin supply.
Maintaining a current ratio near parity is essential for a stablecoin issuer, as it ensures that the company can meet potential redemption requests without liquidating assets at a loss. While this liquidity profile is appropriate for the business model, it leaves little room for error should the reserve assets experience unexpected price volatility or liquidity constraints.
Based on the balance sheet data, the $77.4B in cash and equivalents reported in 2025Q4 represents the vast majority of total assets, yet the specific quality and duration of these reserves remain opaque, warranting further investigation into potential counterparty or interest rate risks.
While the headline cash figure provides a sense of security, the actual risk profile depends heavily on whether these reserves are held in overnight repos, short-term Treasuries, or other instruments. Investors should be cautious, as any shift in the composition of these reserves could materially alter the company's risk exposure and yield potential.
Quick answers to the most common questions about buying CRCL stock.
As of 2025, Circle Internet Group (CRCL) had total assets of $78.71B including $77.80B in current assets.
Circle Internet Group (CRCL) carries total debt of $36.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Circle Internet Group (CRCL) has total shareholders' equity (book value) of $3.33B ($13.75 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Circle Internet Group (CRCL) reported a current ratio of 1.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.