Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 351

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 351
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     | $                  | (7   | ) |     | $    |  (885 | ) |     | $                |   (30 | ) |     | $    | (2,888 | ) |
| (Gains)/losses on changes in fair value of embedded derivatives      |     |                    | —    |   |     |      |     — |   |     |                  |     — |   |     |      |  1,629 |   |
| Unrealized (gains)/losses on changes in fair value of digital assets |     |                    | (686 | ) |     |      | 3,814 |   |     | $                | 5,607 |   |     |      |   (185 | ) |
| Total                                                                |     | $                  | (693 | ) |     | $    | 2,929 |   |     | $                | 5,577 |   |     | $    | (1,444 | ) |

Refer to Note 12 for gains and losses on digital assets held for investments.

| 8. | Investments |

Strategic investments The Company holds strategic investments in privately held companies as a part of the Company’s strategy to build partnerships across the digital asset ecosystem. The Company also receives certain equity instruments as consideration for services. The Company does not have the ability to exercise significant influence over operating and financial policies of these investments. The carrying amount of these investments was $83.8 million and $84.1 million as of June 30, 2025 and December 31, 2024, respectively, which are included in Investmentson the unaudited Condensed Consolidated Balance Sheets. The Company primarily records these investments at cost adjusted to fair value upon observable transactions for identical or similar investments of the same issuer or upon impairment, referred to as the measurement alternative. The Company’s investments carried under the measurement alternative are recorded at fair value on a non-recurring basis in periods after initial recognition. Investments carried at fair value under the measurement alternative are classified within Level 3 of the fair value hierarchy due to the absence of quoted market prices, the inherent lack of liquidity and unobservable inputs used to measure fair value that require management’s judgment. Any subsequent changes in value of these investments will be included as a part of Other (expense) income, netin the unaudited Condensed Consolidated Statements of Operations. The changes in the carrying value of equity investments carried under the measurement alternative along with investments