Summary
- Circle said third-quarter revenue and reserve income rose about 17% from a year earlier to $865 million, while net income from continuing operations increased about 5% to $226 million.
- It also said third-quarter adjusted EBITDA climbed 85% to $317 million, revenue from the ARC token presale came to $182 million, and its stablecoin market share was about 27%.
- Average USDC in circulation in the third quarter rose 8% to $73.3 billion, while on-chain transaction volume increased 49% to $1.9 trillion, and Circle's shares gained more than 3% in premarket trading after the results.
Forecast Trend Report by Period
Circle, the issuer of the dollar stablecoin USDC, said third-quarter revenue rose 17% from a year earlier.
On November 4, the company said third-quarter revenue and reserve income totaled $865 million, up about 17% from a year earlier. Net income from continuing operations rose about 5% to $226 million. Adjusted EBITDA increased 85% to $317 million.
By segment, reserve income fell 8% from a year earlier to $658 million. Other revenue surged 627% to $207 million. Of that, $182 million came from the ARC token presale.
Average USDC in circulation during the third quarter rose 8% from a year earlier to $73.3 billion. Circle's on-chain transaction volume increased 49% to $1.9 trillion. The company said its stablecoin market share was about 27% at the end of the third quarter.
Circle also said it cut about 5% of its workforce in the third quarter. Severance and related costs totaled $9.1 million. The Block reported that the layoffs came as revenue generated from the cash and Treasuries backing Circle declined.
After the earnings release, Circle shares were up more than 3% at one point in premarket trading.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul