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Side-by-side financial comparison of Circle Internet Group, Inc. (CRCL) and Defi Technologies, Inc. (DEFT). Click either name above to swap in a different company.
Defi Technologies, Inc. is the larger business by last-quarter revenue ($51.3M vs $28.5M, roughly 1.8× Circle Internet Group, Inc.).
Circle is a payments technology company. Funded by Jeremy Allaire and Sean Neville in 2013, it is currently headquartered in New York City and issues two types of stablecoin: USDC, which has a conversion rate pegged to the U.S. dollar, and EURC, which is euro-denominated. It also issues USYC, a tokenized money market fund.
Defi Technologies Inc. is a specialized fintech enterprise focused on the decentralized finance (DeFi) and Web3 space. It provides institutional and retail clients access to digital asset investment opportunities, develops blockchain infrastructure solutions, and manages portfolios of DeFi-related assets and early-stage Web3 startup stakes, serving markets across North America, Europe, and Asia Pacific.
CRCL vs DEFT — Head-to-Head
Income Statement — Q3 2025 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $28.5M | $51.3M |
| Net Profit | $214.4M | — |
| Gross Margin | — | — |
| Operating Margin | — | -3.1% |
| Net Margin | 751.8% | — |
| Revenue YoY | 5113.5% | — |
| Net Profit YoY | 202.0% | — |
| EPS (diluted) | $0.64 | $-0.01 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q3 25 | $28.5M | $21.8M | ||
| Q2 25 | $23.8M | — | ||
| Q3 24 | $547.0K | — | ||
| Q2 24 | $6.8M | — |
| Q3 25 | $214.4M | — | ||
| Q2 25 | $-482.1M | — | ||
| Q3 24 | $71.0M | — | ||
| Q2 24 | $32.9M | — |
| Q3 25 | — | — | ||
| Q2 25 | -1367.8% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q3 25 | 751.8% | — | ||
| Q2 25 | -2025.3% | — | ||
| Q3 24 | 12979.2% | — | ||
| Q2 24 | 486.5% | — |
| Q3 25 | $0.64 | $0.08 | ||
| Q2 25 | $-4.48 | — | ||
| Q3 24 | $0.00 | — | ||
| Q2 24 | $0.00 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.0B | — |
| Total Assets | $76.8B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.1B | — | ||
| Q3 24 | $577.3M | — | ||
| Q2 24 | $457.5M | — |
| Q3 25 | $3.0B | — | ||
| Q2 25 | $2.4B | — | ||
| Q3 24 | $557.7M | — | ||
| Q2 24 | $460.9M | — |
| Q3 25 | $76.8B | — | ||
| Q2 25 | $64.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-10.7M | $-17.9M |
| Free Cash FlowOCF − Capex | $-14.7M | — |
| FCF MarginFCF / Revenue | -51.7% | — |
| Capex IntensityCapex / Revenue | 14.2% | — |
| Cash ConversionOCF / Net Profit | -0.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-10.7M | $-27.1M | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q3 25 | $-14.7M | — | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q3 25 | -51.7% | — | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q3 25 | 14.2% | — | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q3 25 | -0.05× | — | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRCL
| Subscription And Services Revenue | $23.6M | 83% |
| Transaction Services | $4.7M | 16% |
DEFT
| Revenues from realized and net change in unrealized gains (losses) | $29.3M | 57% |
| Staking and lending income | $16.8M | 33% |
| Management fees | $4.4M | 9% |
| Research revenue | $813.8K | 2% |
