Company: CRCL
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001193125-25-070481
Chunk: 180

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 180
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 the prevailing SOFR. We believe that our current revenue model has been successful, with 2024 revenue, net income, and Adjusted EBITDA of $1.7 billion, $156 million, and $285 million, respectively. See
“Management’s discussion and analysis of financial condition and results of operations—Non-GAAP financial measures” for reconciliation of net income to Adjusted EBITDA. As the Circle stablecoin network grows and as more
applications and activity take place on the Circle stablecoin network, the amount of Circle stablecoins in circulation will continue to grow. In addition to as described in “—Our platform, products, and ecosystem,” we may seek to
monetize the activity on our network with products that earn fee-based revenues based on transactions and usage in the future, and we intend to evaluate and consider various products from time to time,
considering such factors as complexity and development costs, market opportunity, anticipated revenues, and the competitive landscape. However, we do not have any plans to launch such additional products that are expected to generate material
amounts of fee-based revenues at this time. We believe the market opportunity in the internet financial system is vast and that, although we face a variety of risks (see “Risk factors” for a discussion of the material risks faced by our
business), we are the best positioned firm to drive, capture, and monetize it.

Industry background

Limitations of traditional financial services

The financial services
industry represents one of the largest and most systemically important sectors of the global economy.

Since the advent of what is now known as traditional financial
services over the past 150 years, innovators have constantly endeavored to improve upon the means by which we use and move money, enter into financial contracts, and form and use capital for economic expansion. These improvements have been largely
beneficial and have contributed to global economic progress. Examples include the emergence of credit cards, digital

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payments, electronic markets and exchanges, digital consumer finance platforms, and many other advances that have expanded the global reach of financial services with the utilization of mobile devices and software. However, many challenges persist as a result of the legacy infrastructure on which these platforms are built, existing regulatory and market structures disincentivizing fundamental innovation, and a lack of the global connectivity and interoperability required for truly internet-scale financial services. We believe that an internet-based, blockchain-enabled financial system will address and resolve the most pertinent structural issues within financial services today:

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