Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 364

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 364
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 |     548 |
| Common stock issuable under stock award plan                      |     |              | 37,518 |     |                  |  42,694 |
| Common stock available for future issuance under stock award plan |     |              | 31,105 |     |                  |   9,649 |
| Total                                                             |     |              | 70,638 |     |                  | 192,653 |

**Warrants

In April 2023, the Company entered into an agreement with a commercial counterparty to grant warrants to purchase up to 4.5 million common shares of a consolidated subsidiary that will be automatically converted one for one with Class A common stock upon exercise. The warrants have an exercise price of $ 42.14 per share and an exercise period of ten years from the grant date. The warrants are subject to certain service conditions to be achieved over a two-year period and performance conditions to be achieved over a five-year period. The fair value of the warrants, approximately $ 80.1 million, was measured at the time of issuance using the Black-Scholes option pricing model using the following assumptions: the Company’s estimated common share price on the grant date, a term of ten years, a dividend yield of zero, volatility of 44 %, and a risk-free rate of 3.45 %. The warrants will be expensed as the service conditions are achieved or over the requisite service period if and when the achievement of the performance conditions are probable. As of June 30, 2025, 3.4million of these warrants have expired. There were no marketing expenses or distribution and transaction costs related to the warrants for the three and six months ended June 30, 2025 and 2024. None of the common shares associated with these warrants have been exercised or forfeited.

In August 2023, the Company entered into an agreement with a digital asset exchange to grant warrants to purchase up to 3.6million common shares of a consolidated subsidiary that will be automatically converted one for one with Class A common stock upon exercise. The warrants have an exercise price of $ 25.09 per share. They expire five years from the grant date and the vesting of the warrants is subject to a performance condition. The fair value of the warrants, approximately $ 43.9million, was measured at the time of issuance using the Black-Scholes option pricing model using the following assumptions: the Company’s estimated common share price on the grant date, a term