Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 157

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 157
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 on marketing, sponsorship campaigns, and advertising.

Marketing expenses decreased by $42.3 million,
or 53.6%, for the year ended December 31, 2023, compared to the year ended December 31, 2022, mainly driven by a decrease in spending on marketing campaigns and advertising.

Gain on sale of intangible assets. Gain on sale of intangible assets increased by $21.6 million, or 100.0%, for the year ended December 31, 2023
compared to the year ended December 31, 2022, primarily due to the recognition of gain from the sale of SeedInvest’s assets during the year ended December 31, 2023. There was no such transaction and related gain in the year ended
December 31, 2024.

95

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83

Merger termination expenses. Merger termination expenses decreased by $44.2 million, or 100.0%, for
the year ended December 31, 2023, compared to the year ended December 31, 2022, as we terminated our merger agreement in December 2022. There was no such transaction and related expenses in the year ended December 31, 2024 and
December 31, 2023.

Digital assets (gains) losses and impairment. Digital assets (gains) losses and impairment decreased by $9.2 million,
or 68.5%, for the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily driven by a $10.6 million decrease in gains on sale of corporate digital assets.

Digital assets (gains) losses and impairment increased by $70.9 million, or 123.5%, for the year ended December 31, 2023, compared to the year ended
December 31, 2022, primarily driven by a $426.5 million decrease in impairment expense on digital assets (including digital assets held as collateral related to Circle Yield) and a $13.4 million increase in gains on sale of corporate
digital assets. This was partially offset by a $211.5 million decrease from a change in the fair value of the embedded derivatives on digital assets held as collateral, and a $158.0 million decrease in gains realized upon return of digital
assets held as