Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 325

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 325
---
 were designated as hedged items in qualifying fair value hedges. In connection with the lending services, the Company recognized $9.0 million of changes in fair value attributed to a hedged risk associated with these digital assets held as collateral for the year ended December 31, 2023. No digital assets were designated as the hedged item in a fair value hedge as of December 31, 2022. In connection with the Circle stablecoin borrowing and lending services, the Company recognized a gain related to the return of digital assets held as collateral of $158.0 million, a change in the fair value of related to the obligation to return digital assets of $212.0 million, and an impairment loss of $371.7 million for the year ended December 31, 2022. F-30

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83 8. Investments Investment in affiliate, equity method The Company held an investment in Centre that was accounted for under the equity method prior to the acquisition of the remaining outstanding interest in August 2023. Refer to Note 3 for further details. The Company recorded a loss on equity method investment related to Centre of $2.1 million and a gain of $0.2 million for the years ended December 31, 2023 and 2022, respectively, which is included in Other income (expense), net in the Consolidated Statements of Operations. The carrying amount of the investment in Centre included in Investmentson the Consolidated Balance Sheets is presented below (in thousands):

| Balance as of December 31, 2022                                                   |     | $ |  2,878 |   |
| Investment in Centre Consortium                                                   |     |   |    300 |   |
| Loss from equity method investment                                                |     |   | (2,102 | ) |
| Derecognition of Investment in affiliate, equity method due to Centre Acquisition |     |   | (1,076 | ) |
| Balance as of December 31, 2023                                                   |     | $ |      — |   |

| Balance as of December 31, 2021    |     | $ |   694 |
| Investment in Centre Consortium    |     |   | 2,000 |
| Gain from equity method investment |     |   |   184 |
| Balance as of December 31, 2022    |     | $