- Circle’s portfolio shows strong gains with $31.33B fair value versus $19.76B cost basis.
- Sui leads in quantity and value, while Bitcoin holds high valuation despite smaller units.
- Portfolio balances established cryptos and emerging tokens like Sei, Aptos, and Optimism.
Circle’s recent initial public offering (IPO) coincided with Senate approval of the GENIUS Act, legislation focused on stablecoin regulation. The company’s IPO filing revealed that Circle holds the largest quantity of Sei (SEI) tokens among all assets on its balance sheet, reflecting its position within the digital asset space. The filing provides a detailed overview of Circle’s diversified digital portfolio as of December 31, 2024, with a total fair value of $31.33 billion and a cost basis of $19.76 billion.
The portfolio features a broad array of cryptocurrencies. The most major holding by quantity is Sui, with over 2.3 million units recorded. Sui’s cost basis stands at $2.39 billion, while its fair market value surged to $9.48 billion, highlighting considerable appreciation since the acquisition. This makes Sui the largest asset by market value within Circle’s portfolio.
Bitcoin appears with a significantly smaller quantity of 73 units but maintains a high valuation of $6.78 billion. Its cost basis is $2.11 billion, signaling strong unrealized gains. Bitcoin’s prominent valuation underlines its continued role as a core asset in institutional cryptocurrency portfolios.
Ethereum ranks third in market value within the portfolio. Circle holds 1,746 units, with a cost basis of $4.46 billion and a fair value of approximately $5.82 billion. The relatively narrow gap between acquisition cost and current value suggests Ethereum positions that are either more recently acquired or have experienced less price volatility.
Exposure to Emerging Blockchain Projects
Beyond the major cryptocurrencies, Circle’s portfolio includes mid-tier assets such as Sei, Aptos, and Optimism. Holdings include 6.25 million Sei tokens, 217,378 Aptos units, and 867,303 Optimism tokens. Their fair market values range from $1.52 billion for Optimism to $2.47 billion for Sei, indicating Circle’s exposure to growth potential within emerging blockchain projects.
Other smaller investments are then grouped under a separate category called Other digital assets. This category has a cost base of 5.6 billion dollars with a fair market value of 3.37 billion dollars which indicates certain degree of depreciation or reduced valuation amongst these assets.
Circle digital asset portfolio is strategically balanced with high-value, well-established cryptocurrencies, like Bitcoin and Ethereum, and high-quantity positions in projects, including Sui and Sei. The fair market value of the portfolio is much higher (more than 11.5 billion dollars) than the total cost of acquisition, and this fact indicates that the portfolio will appreciate significantly at the end of 2024.
