Company: CRCL
Filing Date: 2025-05-27
Form Type: S-1/A
Source: 0001193125-25-126208
Chunk: 165

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-27
Form: S-1/A
Chunk 165
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 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 a result of a 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, 2023, primarily due to the recognition of $15.2 million in operating leases liabilities related to the corporate office space.

Equity

Stockholders’ equity. Stockholders’
equity increased by $231.1 million, or 68.1%, as of December 31, 2024 compared to December 31, 2023, primarily due to $157.0 million of net income generated from continuing operations, $63.6 million of stock-based compensation expenses
during the year ended December 31, 2024, $6.7 million adjustment to opening retained earnings related to the adoption of Accounting Standards Update No. 2023-08, and $4.7 million increase in additional paid-in-capital related to the conversion
of convertible debt.

Non-G