Company: CRCL
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001193125-25-070481
Chunk: 125

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 125
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 book value as of December 31, 2024 was $1,178 million, or $20.90 per share. After giving effect to the Conversion, our pro forma net tangible book value as of December 31, 2024 would have been $ million, or $ per share. After giving further effect to (i) this offering, including our issuance and sale of shares of Class A common stock at the assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us and (ii) the IPO RSU Vest, including our payment of $ in satisfaction of tax withholding and remittance obligations and the issuance of shares of Class A common stock and shares of Class B common stock in connection with the net settlement of such RSUs, our pro forma as adjusted net tangible book value as of December 31, 2024 would have been $ million, or $ per share. This represents an immediate increase in pro forma net tangible book value of $ per share to our existing stockholders and an immediate dilution of $ per share to new investors. The following table illustrates this dilution on a per share basis:

| Assumed initial public offering price per share                                              
 Pro forma net tangible book value per share as of December 31, 2024                          |     |   |     |   |
|:---------------------------------------------------------------------------------------------|:----|:--|:----|:--|
| Increase in pro forma net tangible book value per share attributable to new investors        |     | $ |     |   |
| Pro forma as adjusted net tangible book value per share after giving effect to this offering |     |   |     | $ |
| Dilution per share to investors                                                              |     |   |     | $ |

The dilution information discussed above is illustrative only and will change based on the actual initial public offering price and other terms of this offering determined at pricing. Each $1.00 increase or decrease in the assumed initial public offering price would increase or decrease the pro forma as adjusted net tangible book value per share after this offering by $ per share and dilution per share to new investors participating in this offering by $ per share, assuming that the number of shares offered by us in this offering, as set forth on the cover page of this prospectus, remains the same and after deducting underwriting discounts and commissions and estimated fees and expenses payable by us in