Circle CEO: ARK tokens belonging to the company will be recorded as "other income" at zero cost

Odaily reported that Circle co-founder and CEO Jeremy Allaire responded to questions from various analysts during tonight's earnings call.

When asked how ARK tokens belonging to Circle would be accounted for, Jeremy Allaire said: "When ARK tokens are created, they will be recorded on Circle's balance sheet at cost, and that cost is zero. Then, after Circle fulfills its obligations under the token presale agreement, we will recognize the value of these tokens as 'other income,' which will then be directly reflected in RLDC (Revenue Less Distribution Cost) and adjusted EBITDA."