Circle CEO: ARK tokens attributable 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 the ARK tokens attributable to Circle would be accounted for, Jeremy Allaire said: "When the ARC tokens are created, these tokens will be recorded on Circle's balance sheet at cost, which is zero. Then, when 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."