Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 164

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 164
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3-08 on
January 1, 2024, partially offset by $10.1 million disposal of digital assets.

Deferred tax assets, net. Deferred tax assets, net
increased by $10.2 million, or 100.0%, as of December 31, 2024 compared to December 31, 2023, primarily due to the valuation allowance release against the net operating loss deferred tax assets of foreign entities due to their respective
projected profitability.

Other non-current assets. Other non-current assets increased by $16.2 million, or 368.5%, as of December 31, 2024
compared to December 31, 2023, primarily due to the recognition of $15.2 million operating lease right-of-use assets related to corporate office space.

Current liabilities

Accounts payable and accrued expenses.Accounts payable and accrued expenses increased by $134.4 million, or 88.1%, as of December 31, 2024 compared to December 31, 2023, primarily due to a $107.4 million increase attributable to timing differences related
to stablecoin redemptions and a $26.0 million increase in the accrued distribution costs, partially offset by a $26.5 million decrease in income taxes payable.

Deposits from stablecoin holders. Deposits from stablecoin holders increased by $19.5 billion, or 80.1%, as of December 31, 2024 compared to
December 31, 2023. Refer to the “Cash and cash equivalents segregated for benefit of stablecoin holders” narrative above for further discussion.

Other current liabilities.Other current liabilities increased by $11.8 million, or 279.3%, as of December 31, 2024 compared to December 31,
2023, primarily due to an $11.1 million increase in deferred revenue related to integration services.

Non-current liabilities

Convertible debt, net of debt discount.Convertible debt, net of debt discount decreased by $17.8 million, or 30.4%, as of December 31, 2024
compared to December 31, 2023, primarily due to a $14.8 million decrease as a

101

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83 result of a partial conversion into Series E preferred shares and a $3.4 million decrease in fair value