Company: CRCL
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001193125-25-070481
Chunk: 154

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 154
---
coins.Cash and cash equivalents and Cash and cash equivalents segregated for corporate-held stablecoinsincreased by $401.0 million, or 62.2%, as of December 31, 2024, compared to December 31, 2023, primarily due to the cash flows generated from net income from continuing operations of $157.0 million, and the net sales of available-for-saledebt securities of $242.2 million during the year ended December 31, 2024. Refer to “—Liquidity and capital resources—Cash flows” below for further discussion on the net cash provided by operating activities, investing activities, and financing activities during the period. Cash and cash equivalents segregated for the benefit of stablecoin holders.Cash and cash equivalents segregated for the benefit of stablecoin holders increased by $19.6 billion, or 80.4%, as of December 31, 2024, 109

compared to December 31, 2023, primarily due to a $19.4 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.

Available-for-saledebt securities, at fair value.Available-for-sale debt securities, at fair value decreased by $152.2 million, or 100.0%, as of December 31, 2024,
compared to December 31, 2023, primarily due to the sale and maturities of available-for-sale debt securities being redeployed as cash and cash equivalents during the year ended December 31, 2024. As of December 31, 2024, all available-for-sale
securities matured and were sold.

Accounts receivable, net. Accounts receivable, net increased by $4.5 million, or 230.8%, as of December 31,
2024, compared to December 31, 2023, primarily due to a $4.5 million increase in the accounts receivable related to the integration services.

Stablecoins receivable, net. Stablecoins receivable, net decreased by $15.6 million, or 69.2%, as of December 31, 2024, compared to December 31, 2023, primarily due to $16.5 million of repayments of stablecoins lent in 2024.

Prepaid expenses and other current assets.Prepaid expenses and other current assets increased by