Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 330

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 330
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 collateral, any unrealized gain (loss) on the embedded derivative that was attributable to the collateral is realized. As of December 31, 2023 and 2022, the embedded derivatives balance only consisted of embedded derivatives in connection with the digital asset collateral related to Circle stablecoin lending activities and does not contain any significant unobservable inputs.

| Balance as of December 31, 2021                         |     | $ |   28,705 |   |
| Change in value upon return of digital asset collateral |     |   | (239,409 | ) |
| Fair value adjustment                                   |     |   |  210,704 |   |
| Balance as of December 31, 2022                         |     | $ |        — |   |

Convertible debt, net of debt discount On March 1, 2019, the Company issued convertible notes in connection with an acquisition. The first note had a par value of $24.0 million, matures in seven years and is convertible into Series E preferred shares with a 2.9% interest rate. The second note, which was settled at maturity, had a par value of $10.0 million and a 6.0% interest rate. In 2021, the Company raised an additional $451.0 million from multiple lenders which was converted into 27,789,557 shares of Series E Preferred Shares at a conversion rate of $16.23 in March 2022. The Company elected the fair value option for recording these notes. The change in fair value of the notes is recorded in Other income (expense), neton the Consolidated Statements of Operations. F-35

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

| Balance as of December 31, 2022       |     | $ |  78,264 |   |
| Net discount on convertible notes     |     |   |   1,042 |   |
| Capitalized interest                  |     |   |     470 |   |
| Fair value adjustment                 |     |   | (20,107 | ) |
| Fair value adjustment  –  credit risk |     |   |  (1,182 | ) |
| Balance as of December 31, 2023       |     | $ |  58,487 |   |

| Balance as of December 31,