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Companies Circle Internet Group

Circle Internet (CRCL): executive pay, fiscal 2025

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CEO total pay$16,260,836CEO Jeremy Allaire · source
Say-on-pay support99.13%Latest vote · source
CEO vs. named peers81st pct.Of 26 peer CEOs
CEO pay ratio54:1To the median employee · source

CEO pay, last three years

  • $10,060,553FY2023
  • $12,245,017FY2024
  • $16,260,836FY2025

CEO total pay was $16,260,836 in fiscal 2025, up from $12,245,017 in fiscal 2024.

FY2025: salary $900,000 · bonus $500,000 · stock awards $8,999,974 · option awards $0

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Circle Internet Group in fiscal 2025?
As disclosed, Kash Razzaghi (Chief Commercial Officer) was the highest-paid executive at Circle Internet Group in fiscal 2025, with total compensation of $20,796,220.
How does Circle Internet Group's chief executive pay compare to its disclosed peer group?
As disclosed, Jeremy Allaire's total compensation ranked at the 81st percentile of Circle Internet Group's disclosed peer group.
What is Circle Internet Group's CEO-to-median employee pay ratio?
As disclosed, Circle Internet Group's CEO-to-median employee pay ratio was 54:1.
How did shareholders vote on Circle Internet Group's executive compensation?
As disclosed, 99.13% of shareholders supported Circle Internet Group's executive compensation in the latest say-on-pay vote.
How much does Circle Internet Group spend in total on board compensation for fiscal 2025?
As disclosed, Circle Internet Group reported total board compensation of $2,545,410 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Kash Razzaghi$483,333$1,356,250$10,207,876$7,999,991$700,000$0$48,770$20,796,220
Chief Commercial Officer
Jeremy Allaire900,000500,0008,999,97401,764,00004,096,86216,260,836
Chairman and Chief Executive Officer
Heath Tarbert500,000500,0007,499,9940770,000091,3729,361,366
President
Nikhil Chandhok500,000500,0005,999,9830770,0000108,4147,878,397
Chief Product and Technology Officer
Jeremy Fox-Geen500,000500,0005,999,9830770,000007,769,983
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Kash Razzaghi$20,796,220———
Jeremy Allaire16,260,83612,245,01710,060,553↑ +4,015,819
Heath Tarbert9,361,3665,184,74624,474,905↑ +4,176,620
Nikhil Chandhok7,878,3974,966,8712,309,233↑ +2,911,526
Jeremy Fox-Geen7,769,9835,184,7464,647,201↑ +2,585,237

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

The cornerstone of our compensation program is our pay-for-performance philosophy that is designed to link a significant portion of each named executive officer's compensation to our performance as a company, including by setting ambitious performance targets in alignment with our strategic plan.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantSemler Brossy
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Jeremy Fox-GeenRSU———192,554—$5,999,983
Heath TarbertRSU———192,554—5,999,983
Kash RazzaghiRSU———55,466—7,320,403
Kash RazzaghiRSU———92,666—2,887,473
Jeremy AllaireRSU———288,831—8,999,974
Nikhil ChandhokRSU———192,554—5,999,983
Kash RazzaghiRSU———102,546—7,999,991
Heath TarbertRSU———48,139—1,500,011

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Jeremy Fox-Geen$5,999,983$0$00.0%
Heath Tarbert7,499,994000.0%
Kash Razzaghi18,207,867000.0%
Jeremy Allaire8,999,974000.0%
Nikhil Chandhok5,999,983000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jeremy Fox-GeenRSU322—$25,535
Jeremy Fox-GeenOption59848.45—
Jeremy AllaireRSU1,634—129,576
Jeremy AllaireOption3,03148.45—
Kash RazzaghiRSU6,164—488,805
Nikhil ChandhokRSU6,164—488,805
Kash RazzaghiOption12,72932.95—
Nikhil ChandhokOption12,72932.95—
Jeremy Fox-GeenRSU14,384—1,140,651
Kash RazzaghiRSU28,560—2,264,808
Jeremy Fox-GeenOption29,70032.95—
Jeremy AllaireRSU31,645—2,509,449
Nikhil ChandhokRSU41,844—3,318,229
Heath TarbertRSU48,139—3,817,423
Kash RazzaghiRSU52,000—4,123,600
Nikhil ChandhokOption52,90325.81—
Jeremy AllaireOption65,33332.95—
Jeremy Fox-GeenRSU74,913—5,940,601
Heath TarbertRSU74,913—5,940,601
Nikhil ChandhokRSU74,913—5,940,601
Kash RazzaghiRSU92,666—7,348,414
Kash RazzaghiOption96,137131.98—
Jeremy AllaireRSU168,554—13,366,332
Heath TarbertRSU180,197—14,289,622
Jeremy Fox-GeenRSU192,554—15,269,532
Heath TarbertRSU192,554—15,269,532
Nikhil ChandhokRSU192,554—15,269,532
Jeremy AllaireRSU288,831—22,904,298
Heath TarbertOption372,07125.09—
Jeremy AllaireRSU552,938—0
Jeremy AllaireRSU583,333—0
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Adam SelipskyIndependent · Strategy · Audit$47,685$399,785———$447,470
Rajeev DateIndependent · Nominating and Corporate Governance · Audit · Compensation (Chair)171,000219,990———390,990
Danita OstlingIndependent · Risk · Audit (Chair) · Compensation131,500219,990———351,490
Bradley HorowitzIndependent · Risk · Strategy (Chair) · Compensation128,500219,990———348,490
Craig BroderickIndependent · Risk (Chair) · Strategy · Audit127,000219,990———346,990
M. Michele BurnsIndependent · Nominating and Corporate Governance (Chair) · Audit110,000219,990———329,990
P. Sean NevilleIndependent · Risk · Nominating and Corporate Governance · Strategy110,000219,990———329,990
Kirk KoenigsbauerIndependent · Risk · Compensation00———0
David OrfaoIndependent00———0
Jeremy AllaireEmployee director · Board Chair · Strategy—————0

Board fee structure and ownership guideline

Annual cash retainer$80,000
Annual equity retainer$220,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)35,000 / 20,000 / 15,000
Stock ownership guideline$3

Total cost of the board

ComponentFY2025
Cash retainers and fees$825,685
Equity awards (grant-date value)$1,719,725
All other compensation$0
Total cost of the board$2,545,410

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Circle Internet as a peer

Companies that benchmark against CRCL

No companies currently name CRCL as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1MongoDB, Inc.2026Chirantan Desai$114,583$52,601,945$0$114,133$52,830,661
2SoFi Technologies, Inc.2025Anthony Noto1,000,00025,308,94102,760,00030,275,733
3Affirm Holdings, Inc.2026Max Levchin39,89525,348,6820025,900,827
4DocuSign, Inc.2026Allan Thygesen1,000,00023,600,13601,019,00025,650,100
5Evercore Inc.2025John S. Weinberg500,0005,888,5390017,138,539
6Circle Internet Group2025Jeremy Allaire900,0008,999,97401,764,00016,260,836
7ACI Worldwide, Inc.2025Thomas Warsop III750,00013,204,02701,018,87514,999,961
8WEX Inc.2025Melissa Smith975,00012,361,4380013,446,221
9Shift4 Payments, Inc.2025Taylor Lauber454,42311,120,0000600,00012,211,164
10Payoneer Global Inc.2025John Caplan535,00010,539,9250011,707,037
11Enova International, Inc.2025David Fisher1,030,3854,121,4063,969,3971,519,81511,703,176
12BlackLine, Inc.2025Owen Ryan524,23110,603,0670473,37811,614,676
13Q2 Holdings, Inc.2025Matthew Flake520,00010,372,9980552,87911,492,510
14Bill Holdings, Inc.2026René Lacerte550,00010,074,5140691,35011,356,364
15Coinbase Global, Inc.2025Brian Armstrong1,000,0000009,713,000
16Jack Henry & Associates, Inc.2026Gregory Adelson762,5006,367,59501,267,1258,413,970
17LendingTree, Inc.2025Scott Peyree507,3083,848,9750521,9094,888,692
18LendingClub Corporation2025Scott Sanborn575,0002,690,86501,004,8134,823,478
19Robinhood Markets, Inc.2025Vladimir Tenev34,2480003,004,978
20World Acceptance Corporation2026J. Tobin Turner364,6622,564,635002,961,396
21Dropbox, Inc.2025Andrew Houston800,00000750,4002,166,622
22Remitly Global, Inc.2025Matthew Oppenheimer290,000000296,100

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Circle Internet Groupnot disclosedRSU 100not disclosedSemler Brossy
ACI Worldwide, Inc.135.85%PSU 65 · RSU 35NoCompensia, Inc.
Affirm Holdings, Inc.138.4%PSU 50 · RSU 50NoSemler Brossy
Bill Holdings, Inc.125.7%RSU 50 · PSU 50YesSemler Brossy Consulting Group LLC
BlackLine, Inc.90.1%RSU 50 · PSU 50Yes — Relative TSRCompensia
Coinbase Global, Inc.not disclosednot disclosedNoSemler Brossy
DocuSign, Inc.101.9%PSU 60 · RSU 40Yes — TSRCompensia
Dropbox, Inc.107.3%RSU 100not disclosedCompensia
Enova International, Inc.142%not disclosednot disclosedWTW
Evercore Inc.not disclosedRSU 100not disclosednot disclosed
Jack Henry & Associates, Inc.130.8%PSU 60 · RSU 40not disclosedMeridian Compensation Partners, LLC
LendingClub Corporationnot disclosedPBRSU 41.25 · RSU 33.75 · Cash Award 25not disclosedFW Cook
LendingTree, Inc.119%RSU 50 · PSU 50NoFW Cook
MongoDB, Inc.146.34%not disclosedNoSemler Brossy Consulting Group, LLC
Payoneer Global Inc.not disclosedRSU 75 · PSU 25NoCompensia
Q2 Holdings, Inc.106.3%PSU 50 · RSU 50Yes — Relative TSRMercer
Remitly Global, Inc.not disclosednot disclosednot disclosedCompensia, Inc.
Robinhood Markets, Inc.177.3%RSU 100not disclosedPay Governance
Shift4 Payments, Inc.100%RSU 100NoSemler Brossy
SoFi Technologies, Inc.138%RSU 50 · PSU 50NoCompensia, Inc.
WEX Inc.not disclosedPRSU 65 · MSU 35 · RSU 20Yes — Relative TSR MetricCompensation Advisory Partners LLC
World Acceptance Corporationnot disclosednot disclosedNonot disclosed

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-14144,019,3841,267,823401,71599.13%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-05-1499.13%a

a. Approved under the standard stated in the filing — “2. Advisory Vote to Approved Named Executive Officer Compensation -- Majority | Abstentions: No effect”.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)54 : 1
CEO total compensation$16,260,836
Median employee compensation$298,892
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (50 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Kash Razzaghi. DEF 14A, filed 2026-04-01. Section “Executive Compensation Tables” · page 66. As printed: 20,796,220. View filing ↗
  • Section 01, Jeremy Allaire. DEF 14A, filed 2026-04-01. Section “Executive Compensation Tables” · page 66. As printed: 16,260,836. View filing ↗
  • Section 01, Heath Tarbert. DEF 14A, filed 2026-04-01. Section “Executive Compensation Tables” · page 66. As printed: 9,361,366. View filing ↗
  • Section 01, Nikhil Chandhok. DEF 14A, filed 2026-04-01. Section “Executive Compensation Tables” · page 66. As printed: 7,878,397. View filing ↗
  • Section 01, Jeremy Fox-Geen. DEF 14A, filed 2026-04-01. Section “Executive Compensation Tables” · page 66. As printed: 7,769,983. View filing ↗
  • Section 03, Jeremy Fox-Geen RSU. DEF 14A, filed 2026-04-01. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Heath Tarbert RSU. DEF 14A, filed 2026-04-01. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Kash Razzaghi RSU. DEF 14A, filed 2026-04-01. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Kash Razzaghi RSU. DEF 14A, filed 2026-04-01. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Jeremy Allaire RSU. DEF 14A, filed 2026-04-01. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Nikhil Chandhok RSU. DEF 14A, filed 2026-04-01. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Kash Razzaghi RSU. DEF 14A, filed 2026-04-01. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Heath Tarbert RSU. DEF 14A, filed 2026-04-01. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-04-01. Section “CEO Pay Ratio”. As printed: 54 : 1. View filing ↗
  • Section 08, Adam Selipsky. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 447,470. View filing ↗
  • Section 08, Rajeev Date. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 390,990. View filing ↗
  • Section 08, Danita Ostling. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 351,490. View filing ↗
  • Section 08, Bradley Horowitz. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 348,490. View filing ↗
  • Section 08, Craig Broderick. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 346,990. View filing ↗
  • Section 08, M. Michele Burns. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 329,990. View filing ↗
  • Section 08, P. Sean Neville. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 329,990. View filing ↗
  • Section 08, Kirk Koenigsbauer. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, David Orfao. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Jeremy Allaire. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-05-18. Item 5.07 · say-on-pay result. As reported: 99.13% (votes for as printed: 144,019,384). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 825,685 + equity 1,719,725 + all other 0 = 2,545,410, summed across the director compensation table rows.
  • MongoDB, Inc., Section 10b CEO total. DEF 14A, filed 2026-05-19. CEO total compensation as printed in MongoDB, Inc.'s own proxy. As printed: 52,830,661. View filing ↗
  • SoFi Technologies, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in SoFi Technologies, Inc.'s own proxy. As printed: 30,275,733. View filing ↗
  • Affirm Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-10-23. CEO total compensation as printed in Affirm Holdings, Inc.'s own proxy. As printed: 25,900,827. View filing ↗
  • DocuSign, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-16. CEO total compensation as printed in DocuSign, Inc.'s own proxy. As printed: 25,650,100. View filing ↗
  • Evercore Inc., Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Evercore Inc.'s own proxy. As printed: 17,138,539. View filing ↗
  • Circle Internet Group (subject), Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in Circle Internet Group's own proxy. As printed: 16,260,836. View filing ↗
  • ACI Worldwide, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-20. CEO total compensation as printed in ACI Worldwide, Inc.'s own proxy. As printed: 14,999,961. View filing ↗
  • WEX Inc., Section 10b CEO total. DEF 14A, filed 2026-04-03. CEO total compensation as printed in WEX Inc.'s own proxy. As printed: 13,446,221. View filing ↗
  • Shift4 Payments, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Shift4 Payments, Inc.'s own proxy. As printed: 12,211,164. View filing ↗
  • Payoneer Global Inc., Section 10b CEO total. DEF 14A, filed 2026-04-27. CEO total compensation as printed in Payoneer Global Inc.'s own proxy. As printed: 11,707,037. View filing ↗
  • Enova International, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Enova International, Inc.'s own proxy. As printed: 11,703,176. View filing ↗
  • BlackLine, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-25. CEO total compensation as printed in BlackLine, Inc.'s own proxy. As printed: 11,614,676. View filing ↗
  • Q2 Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Q2 Holdings, Inc.'s own proxy. As printed: 11,492,510. View filing ↗
  • Bill Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-10-27. CEO total compensation as printed in Bill Holdings, Inc.'s own proxy. As printed: 11,356,364. View filing ↗
  • Coinbase Global, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Coinbase Global, Inc.'s own proxy. As printed: 9,713,000. View filing ↗
  • Jack Henry & Associates, Inc., Section 10b CEO total. DEF 14A, filed 2026-10-02. CEO total compensation as printed in Jack Henry & Associates, Inc.'s own proxy. As printed: 8,413,970. View filing ↗
  • LendingTree, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-27. CEO total compensation as printed in LendingTree, Inc.'s own proxy. As printed: 4,888,692. View filing ↗
  • LendingClub Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-21. CEO total compensation as printed in LendingClub Corporation's own proxy. As printed: 4,823,478. View filing ↗
  • Robinhood Markets, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-22. CEO total compensation as printed in Robinhood Markets, Inc.'s own proxy. As printed: 3,004,978. View filing ↗
  • World Acceptance Corporation, Section 10b CEO total. DEF 14A, filed 2026-07-22. CEO total compensation as printed in World Acceptance Corporation's own proxy. As printed: 2,961,396. View filing ↗
  • Dropbox, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-07. CEO total compensation as printed in Dropbox, Inc.'s own proxy. As printed: 2,166,622. View filing ↗
  • Remitly Global, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Remitly Global, Inc.'s own proxy. As printed: 296,100. View filing ↗
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