Company: CRCL
Filing Date: 2025-06-02
Form Type: S-1/A
Source: 0001193125-25-132755
Chunk: 367

Company: Circle Internet Group, Inc.
Filing Date: 2025-06-02
Form: S-1/A
Chunk 367
---
 | ) |     | $ |    1,039 |   |
| Unrealized gain (loss) on convertible notes  —  credit risk, net of                          
 tax                                                                                          |     | $                       |    840 |   |     | $ |    1,182 |   |     | $ |   (3,155 | ) |
| Non-cash consideration for business combinations                                             |     | $                       |      — |   |     | $ |        — |   |     | $ | (141,618 | ) |
| Right-of-use assets recognized on adoption of ASU 2016-02                                    |     | $                       |      — |   |     | $ |        — |   |     | $ |    3,273 |   |
| Repayment of loans payable                                                                   |     | $                       |      — |   |     | $ |        — |   |     | $ |  -25,000 |   |
| Non-cash interest payments                                                                   |     | $                       |      — |   |     | $ |        — |   |     | $ |   -6,061 |   |

The accompanying notes are an integral part of these consolidated financial statements. F-41

CIRCLE INTERNET GROUP, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Description of business

Overview of the Business

On July 1,
2024, Circle Internet Financial Limited (“Circle Ireland”) consummated an Irish High Court-approved scheme of arrangement, pursuant to which issued ordinary shares and preferred shares in the capital of Circle Ireland were cancelled and,
in connection with such cancellation, Circle Internet Group, Inc. (“Circle Group”), a Delaware corporation, issued equivalent shares of capital stock (in number and class) to the then-shareholders of Circle Ireland. Upon consummation of
the scheme of arrangement, Circle Ireland became a wholly-owned subsidiary of Circle Group. The historical basis of accounting was retained as if the entities had always been combined for financial reporting purposes. The consolidated financial
statements include the accounts of Circle Group and its subsidiaries (together, “Circle,” the “Company,” “we,” “us,” or “our”).

Founded in 2013, Circle is a platform, network, and market infrastructure for stablecoin and blockchain applications and the issuer of a U.S. dollar-denominated
stablecoin, USDC and a euro-denominated stable