Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 170

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 170
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ited consolidated financial statements and Note 22 to our unaudited condensed consolidated financial statements included elsewhere in this prospectus for a summary of our contingent liabilities. Significant judgment is required to determine both probability and the estimated amount. Such legal proceedings are inherently unpredictable and subject to significant uncertainties, some of which are beyond our control. Should any of these estimates and assumptions change or prove to be incorrect, it could have a material impact on our results of operations, financial position, and cash flows. If we determine there is a reasonable possibility that we may incur a loss and the loss or range of loss can be estimated, we disclose the possible loss in the accompanying notes to the consolidated financial statements to the extent material. See “—Critical accounting estimates—Loss contingencies” below for further details. Cash flows The following table summarizes our cash flows for the periods indicated:

|                                                     | 2025 | Six months ended 
 June 30,         |        |   | 2024 |   | (in millions) |
|:----------------------------------------------------|:-----|:-----------------|-------:|:--|:-----|:--|--------------:|
| Net cash provided by operating activities           |      | $                |    304 |   |      | $ |           125 |
| Net cash (used in) provided by investing activities |      | $                |    (46 | ) |      | $ |            52 |
| Net cash provided by financing activities           |      | $                | 17,797 |   |      | $ |         7,632 |

Operating activities Net cash provided by operating activities was $303.7 million for the six months ended June 30, 2025 compared to net cash provided by operating activities of $125.0 million for the six months ended June 30, 2024, driven primarily by a $387.9 million increase in cash receipts from reserve income attributable to increased average reserve deposits relating to increased average USDC in circulation balances, offset by a $225.9 million increase in payment of distribution and transaction costs. 110

Investing activities Net cash used in investing activities was $46.1 million for the six months ended June 30, 2025, driven primarily by $24.9 million capitalization of software development costs, $7.7 million cash consideration related to the Hashnote acquisition, $7.4 million purchase of long-lived assets and $6.4 million purchase of strategic investments for the six months ended June 30,