Company: CRCL
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001193125-25-070481
Chunk: 156

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 156
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368.5%, as of December 31, 2024 compared to December 31,
2023, primarily due to the recognition of $15.2 million operating leases 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

110

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-currentliabilities

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 result of partial conversion into Series E preferred shares and a $3.4 million decrease in fair value related to changes in the key underlying
assumptions used in the fair value adjustment.

Deferred tax liabilities, net.Deferred tax liabilities, net increased by $9.9 million, or 50.7%, as of
December 31, 2024 compared to December 31, 2023, primarily due to U.S. deferred taxes related to foreign disregarded entities that have net operating losses in their local jurisdictions. These local losses are expected to result in future
U.S. tax liabilities without the generation of offsetting foreign tax credits.

Other non-current liabilities. Other non-current liabilities increased
by $12.7 million, or 148.3%, as of December 31, 2024 compared to December 31,