Company: CRCL
Filing Date: 2025-02-13
Form Type: DRSLTR
Source: 0000950123-25-001969
Chunk: 5

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRSLTR
Chunk 5
---
 825 included in footnotes to the Consolidated Financial Statements. The Company has also complied with Rule 3-09of Regulation S-Xin accordance with the SEC’s Financial Reporting Manual Sections 2400 and 2435, and provided separate audited annual financial statements of the Fund and disclosed summarized financial information in accordance with the requirements under ASC 825-10-50in its Amended Draft Registration Statement.

| 7. | We note your response to prior comment 18. Please tell us how you account for USDC to pay other operating                                  
 expenses, including how such activity is presented in the cash flow statement(s) and the amount of such payments in the periods presented. |

Response: The Company respectfully advises the Staff that it recognizes operating expenses as incurred regardless of whether such operating expenses will be settled in fiat currency or corporate-held USDC, which are presented as cash and cash equivalents segregated for corporate held stablecoins on the balance sheets. When the Company settles operating expenses in corporate-held USDC, the payments are presented in the cash flow statements in the same manner as if such payments were settled in cash as noted in response to comment 18 in our letter dated December 3, 2024. The Company supplementally provides that the amount of payments in corporate-held USDC for operating activities (other than payments made to Coinbase) for the years ended December 31, 2023 and 2022, for other USDC distribution and incentive payments presented as Distribution, transaction and other costs were $57.6 million and $20.8 million, respectively. Furthermore, amounts paid classified as Operating expenses, primarily Marketing expenses, were $3.9 million and $0.7 million for the years ended December 31, 2023 and 2022, respectively. * * * Please do not hesitate to contact me at (212) 450-4674or richard.truesdell@davispolk.com or Daniel P. Gibbons at (212) 450-3222or dan.gibbons@davispolk.com if you have any questions regarding the foregoing or if we can provide any additional information.

| Very truly yours,                         
 /s/ Richard D. Truesdell, Jr.             
 CC: Jeremy Allaire Heath Tarbert          
 Sarah K. Wilson    Circle Internet Group, 
 Inc.                                      |

4