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

Odaily Planet Daily reported that Circle co-founder and CEO Jeremy Allaire addressed questions from various analysts during tonight's earnings conference call.

When answering how the ARK tokens belonging to Circle will be accounted for, Jeremy Allaire said: "When ARC tokens are created, these tokens will be recorded on Circle's balance sheet at cost, and that cost is zero. Subsequently, once 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 Costs) and adjusted EBITDA."