Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 194

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 194
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 introduction of new products that expand its utility.As the Circle
stablecoin network grows, we believe that our ability to monetize it will grow as well. Today, we monetize the amount of money on the network (i.e., the amount of Circle stablecoins in circulation). We earn reserve income on USDC reserve assets, at
rates at a discount to the prevailing SOFR. We believe that our current revenue model has been successful, with 2024 revenue, net income, and Adjusted EBITDA of $1.7 billion, $155.7 million, and $284.9 million, respectively, and half year
2025 revenue, net loss, and Adjusted EBITDA of $1.2 billion, $(417.3) million, and $248.3 million, respectively. See “Management’s discussion and analysis of financial condition and results of operations—Non-GAAP financial
measures” for reconciliation of net income to Adjusted EBITDA. As the Circle stablecoin network grows and as more applications and activity take place on the Circle stablecoin network, the amount of Circle stablecoins in circulation will
continue to grow. In addition to as described in “—Our platform, products, and ecosystem,” we seek to monetize the activity on our network with products that earn fee-based revenues based on transactions and usage, and we intend to
evaluate and consider various products from time to time, considering such factors as complexity and development costs, market opportunity, anticipated revenues, and the competitive landscape. However, we do not have any plans to launch such
additional products that are expected to generate material amounts of fee-based revenues at this time. We believe the market opportunity in the internet financial system is vast and that, although we face a variety of risks (see “Risk
factors” for a discussion of the material risks faced by our business), we are the best positioned firm to drive, capture, and monetize it.

Industry background

Limitations of traditional financial services

The financial services industry represents one of the largest and most systemically important sectors of the global economy.

Since the advent of what is now known as traditional financial services over the past 150 years, innovators have constantly endeavored to improve upon
the means by which we use and move money, enter into financial contracts, and form and use capital for economic expansion. These improvements have been largely beneficial and have contributed to global economic progress. Examples include the
emergence of credit cards, digital payments, electronic markets and