Company: CRCL
Filing Date: 2025-06-02
Form Type: S-1/A
Source: 0001193125-25-132755
Chunk: 434

Company: Circle Internet Group, Inc.
Filing Date: 2025-06-02
Form: S-1/A
Chunk 434
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 redemptions can result in the Fund’s current expenses being allocated over a smaller asset base, which generally could result in an increase in the Fund’s expense ratio. Shareholder Purchase/Redemption Risk:Shares of the Fund are held by Circle as a portion of the reserves associated with Circle’s issuance of stablecoins to customers. The assets of the Fund are expected to fluctuate depending on the creation (mining) of additional stablecoins or the redemption (burning) of such coins by Circle. Stablecoins may face periods of uncertainty resulting in the potential for rapid requests by Circle for redemption of the Fund’s shares. 7. Capital share transactions The number of shares sold, reinvested and redeemed corresponds to the net proceeds from the sale of shares, reinvestment of all distributions and cost of shares redeemed, respectively, since shares are sold and redeemed at $1.00 per share. Transactions in capital shares were as follows:

|                       |     | Period from 
 11/03/22(a) 
 to 04/30/23 |                 |   |
| Fund Name/Share Class |     | Shares      |                 |   |
| Circle Reserve Fund   |     |             |                 |   |
| Institutional         |     |             |                 |   |
| Shares sold           |     |             |  35,837,009,000 |   |
| Shares redeemed       |     |             | (10,450,000,000 | ) |
|                       |     |             |  25,387,009,000 |   |

| (a) |     | Commencement of operations. |

8. Subsequent events Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements. F-109

32,000,000 shares Class A common stock Preliminary prospectus

| J.P. Morgan |     | Citigroup |     | Goldman Sachs & Co. LLC |

| Barclays |     | Deutsche Bank Securities |     | SOCIETE GENERALE |

| BNY Capital Markets |     | Canaccord Genuity |     | Needham & Company |     | Oppenheimer & Co. |     | Santander |

| AmeriVet Securities |     | Drexel Hamilton |     | Mischler Financial Group, Inc. |     | Roberts & Ryan |

, 2025

Part II Information not required in the