Company: CRCL
Filing Date: 2025-05-16
Form Type: S-1/A
Source: 0001193125-25-121234
Chunk: 161

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-16
Form: S-1/A
Chunk 161
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 to a $16.1 billion increase in the USDC in circulation. Refer to “—Liquidity and Capital Resources—Composition of USDC reserves” below for further discussion of the composition of the reserves. Accounts receivable, net .Accounts receivable, net increased by$4.5 million, or 70.6%, as of March 31, 2025, compared to December 31, 2024, primarily due to a $4.7 million increase in the accounts receivable related to the integration services. Stablecoins receivable, net. Stablecoins receivable, net decreased by $7.0 million, or 100.0%, as of March 31, 2025, compared to December 31, 2024, primarily due to a $7.0 million repayment of stablecoins in the current period. Prepaid expenses and other current assets .Prepaid expenses and other current assets increased by $38.3 million, or 20.4%, as of March 31, 2025, compared to December 31, 2024, primarily due to a $49.3 million increase in the reserve income receivable, partially offset by a $12.1 million decrease in digital financial assets. Non-current assets Investments .Investments decreased by $6.6 million, or 7.8%, as of March 31, 2025 compared to December 31, 2024, primarily due to $8.3 million net losses on digital assets and other investments for the three months ended March 31, 2025. 112

Fixed assets.Fixed assets increased by $5.0 million, or 26.9%, as of March 31, 2025 compared to December 31, 2024, primarily due to a $4.9 million increase in the construction-in-progress related to corporate office space. Digital assets.Digital assets decreased by $9.3 million, or 29.8%, as of March 31, 2025 compared to December 31, 2024, primarily due to the recognition of $14.4 million gains (losses), net on digital assets, partially offset by $4.5 million digital assets received for service. Goodwill.Goodwill increased by $96.5 million, or 56.9%, as of March 31, 2025 compared to December 31, 2024, primarily due to the recognition of $96.5 million of goodwill related to the