Company: CRCL
Filing Date: 2025-06-02
Form Type: S-1/A
Source: 0001193125-25-132755
Chunk: 345

Company: Circle Internet Group, Inc.
Filing Date: 2025-06-02
Form: S-1/A
Chunk 345
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. The carrying amount of these investments was $77.5 million and $84.1 million as of March 31, 2025 and December 31, 2024, respectively, which are included in Investmentson the unaudited Condensed Consolidated Balance Sheets. The Company primarily records these investments at cost adjusted to fair value upon observable transactions for identical or similar investments of the same issuer or upon impairment, referred to as the measurement alternative. The Company’s investments carried under the measurement alternative are recorded at fair value on a non-recurringbasis in periods after initial recognition. Investments carried under the measurement alternative are classified within Level 3 of the fair value hierarchy due to the absence of quoted market prices, the inherent lack of liquidity and unobservable inputs used to measure fair value that require management’s judgment. Any subsequent changes in value of these investments will be included as a part of Other (expense) income, net on the unaudited Condensed Consolidated Statements of Operations. F-16

The changes in the carrying value of equity investments carried under the measurement alternative along with investments in limited partnerships and certain forward contracts to purchase a specified quantity of equity shares in private companies are presented below (in thousands):

| Table 8. Changes in the Carrying Value of Equity Investments under Measurement Alternative |     |   |        |   |
|:-------------------------------------------------------------------------------------------|:----|:--|-------:|:--|
| Balance as of December 31, 2024                                                            |     | $ | 68,229 |   |
| Net investments and returns in privately held companies                                    |     |   |  2,050 |   |
| Upward adjustments                                                                         |     |   |    879 |   |
| Downward adjustments                                                                       |     |   | (1,229 | ) |
| Realized gains (losses) and impairments                                                    |     |   |    (34 | ) |
| Balance as of March 31, 2025 (1)                                                           |     | $ | 69,963 |   |

| (1) |     | Excludes $7.6 million of strategic investments not accounted for under the measurement alternative as of March 31, 2025. |

| Balance as of December 31, 2023                         |     | $ | 66,008 |   |
| Net investments and returns in privately held companies |     |   |    773 |   |
| Upward adjustments                                      |     |   |  1,584 |