“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 increased demand for Circle Digital Assets, as well as expanded strategic partnerships and integrations.”
“Treasury securities, derivatives, and embedded derivatives); • Realized and unrealized gains (losses) on investments, which include changes in fair value related to our marketable equity securities, digital assets held for investment and observable price changes on our non-marketable equity securities; • Impairment losses on equity investments; • Interest income on corporate cash balances; • Interest expense, net of accretion of discounts and amortization of premiums; and • Foreign currency exchange gains and losses due to remeasurement of certain foreign currency denominated monetary assets and liabilities.”
“These increases were partially offset by a decrease of $4.8 million in research and development warrant expenses related to the warrants issued to Stellantis (Note 11 - Warrants in the accompanying notes to our consolidated financial statements for further details).”