Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 149

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 149
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 licenses to support infrastructure build-out and
enhanced product offerings.

Marketing expenses. Marketing expenses increased by $2.3 million, or 40.3%, for the three months ended June 30,
2025, compared to three months ended June 30, 2024, primarily driven by $3.1 million increased spending in marketing, sponsorship campaigns and advertising expenses, offset by a decrease of $0.8 million in conference expenses.

90

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83 Digital assets (gains) losses.Digital assets (gains) losses changed by $3.6 million, or 123.7%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to a change in the prices of digital assets driven by market fluctuations. Other (expense) income, net.Other (expense) income, net changed by $162.3 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to a $166.8 million increase in the fair value of our convertible debt driven by an increase in the price of our Class A common stock. Income tax (benefit) expense.Income tax expense decreased by $23.1 million, or 120.3% for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The decrease was primarily attributable to net tax benefits recognized in connection with stock-based compensation deductions (net of addbacks) related to the Company’s IPO in the second quarter of 2025. These benefits were partially offset by an increase in non-IPO-related pre-tax book income for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. Six months ended June 30, 2025 compared to six months ended June 30, 2024

| Revenue and reserve income                                       |     | Six Months Ended June 30,          
 2025                               
 (in thousands, except percentages) |           |   |     | 2024 |         |   |     | $ Change |          |   |     | % Change |        |    |
|:-----------------------------------------------------------------|:----|:-----------------------------------|----------:|:--