Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 140

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 140
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 minted / USDC redeemed measures USDC
on-ramp activity (i.e., flow of U.S. dollar fiat converted to USDC) and off-ramp activity (i.e., flow of USDC converted to U.S. dollar fiat) initiated by Circle Mint
customers. We believe this demonstrates our operational capacity and resiliency to process minting and redemptions through our digital and banking infrastructure. USDC minted / USDC redeemed do not represent the amount of USDC acquired or redeemed
by end-users.

Stablecoin market share

Stablecoin market
share is defined as the amount of Circle stablecoins in circulation as a percentage of the total fiat-backed stablecoins (i.e., digital assets pegged to the value of a fiat currency) in circulation. Stablecoin market share reflects how much of the
stablecoin market is composed of Circle stablecoins relative to the competitive landscape. Since 2021, Circle has been the second-largest issuer of stablecoins as measured by the amount of stablecoins in circulation, and as of December 31, 2024,
Circle holds a 24% stablecoin market share measured by stablecoins in circulation, according to CoinMarketCap.

Meaningful Wallets

MeWs are defined as the number of on-chain digital asset wallets with an amount of USDC above $10. As a single end-user may have
multiple on-chain digital asset wallets, MeWs do not represent, and we do not use MeWs as a measure of, the number of unique end-users with more than $10 of USDC. Nonetheless, we believe that MeWs is an indicator of the breadth of USDC’s
adoption.

Adjusted EBITDA

Adjusted EBITDA, a non-GAAP financial measure, is calculated as net income (loss) from continuing operations excluding: depreciation and amortization expense; interest expense, net of amortization of discounts and premiums; interest
income; income tax expense; stock compensation expense; certain legal expenses; realized and unrealized gains (losses), net, on available-for-sale debt securities and other investments; impairment losses on strategic investments; merger termination
expenses; restructuring expenses; change in fair value of convertible debt, warrant liability, and embedded derivatives; gain on sale of long-lived assets; foreign currency exchange loss; and certain transaction expenses. Adjusted EBITDA is a key
measure used by our management and board of directors to monitor and evaluate the growth and performance of our business operations,

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