Company: CRCL
Filing Date: 2025-05-27
Form Type: S-1/A
Source: 0001193125-25-126208
Chunk: 161

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-27
Form: S-1/A
Chunk 161
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 We may hold reserve assets segregated for the benefit of holders of Circle stablecoins in excess of deposits from holders of Circle stablecoins due to funds related to reserve income received that has not yet been transferred to corporate cash due to the timing of receipt and unprocessed customer deposits that have not yet been minted. We have access to and are entitled to the excess over redemption and customer obligations. We are not required by law or internal policy to maintain any such excess. Current assets Cash and cash equivalents and Cash and cash equivalents segregated for corporate-held stablecoins.Cash and cash equivalents and Cash and cash equivalents segregated for corporate-held stablecoins totalincreased by $77.7 million, or 7.4%, as of March 31, 2025, compared to December 31, 2024, primarily due to the cash flows generated from net income of $64.8 million during the three months ended March 31, 2025. 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 $16.2 billion, or 36.9%, as of March 31, 2025, compared to December 31, 2024, primarily due to a $16.1 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. Accounts receivable, net .Accounts receivable, net increased by$4.5 million, or 70.6%, as of March 31, 2025, compared to December 31, 2024, primarily due to a $4.7 million increase in the accounts receivable related to the integration services. Stablecoins receivable, net. Stablecoins receivable, net decreased by $7.0 million, or 100.0%, as of March 31, 2025, compared to December 31, 2024, primarily due to a $7.0 million repayment of stablecoins in the current period. Prepaid expenses and other current assets .Prepaid expenses and other current assets increased by $38.3 million, or 20.4%, as of March 31, 2025, compared to December 31, 2024, primarily