Company: CRCL
Filing Date: 2025-06-02
Form Type: S-1/A
Source: 0001193125-25-132755
Chunk: 346

Company: Circle Internet Group, Inc.
Filing Date: 2025-06-02
Form: S-1/A
Chunk 346
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| Downward adjustments                                    |     |   |   (227 | ) |
| Realized gains (losses) and impairments                 |     |   |   (213 | ) |
| Balance as of March 31, 2024 (1)                        |     | $ | 67,925 |   |

| (1) |     | Excludes $12.9 million of strategic investments not accounted for under the measurement alternative as of March 31, 2024. |

9. Derivatives and embedded derivatives The Company enters into certain strategic investments in the form of forward contracts to purchase a specified quantity of digital assets. Certain of these contracts are accounted for as derivatives or investments with embedded derivatives, and accounts for these derivatives and embedded derivatives within Investments on the unaudited Condensed Consolidated Balance Sheets. The derivatives and bifurcated embedded derivatives are marked to market through Other (expense) income, net on the unaudited Condensed Consolidated Statements of Operations. Embedded derivatives are presented together with the respective host contract in the unaudited Condensed Consolidated Balance Sheets. The fair value of the Company’s derivatives and embedded derivatives are as follows (in thousands):

| Table 9.1. Fair Value of Derivative and Embedded Derivative Assets and Liabilities |     |   | March 31, 2025 |   |     |   | December 31, 2024 |
|:-----------------------------------------------------------------------------------|:----|:--|---------------:|:--|:----|:--|------------------:|
| Investments - embedded derivatives                                                 |     | $ |          3,307 |   |     | $ |             8,982 |
| Investments - derivatives                                                          |     | $ |            131 |   |     | $ |               350 |
| Accounts receivable, net – embedded derivatives                                    |     | $ |           (976 | ) |     | $ |                 — |

The following table summarizes notional amounts related to derivatives and embedded derivatives (in thousands):

| Table 9.2. Notional Amounts of Derivative and Embedded Derivative Assets and Liabilities |     |   | March 31, 2025 |     |   | December 31, 2024 |
|:-----------------------------------------------------------------------------------------|:----|:--|---------------:|:----|:--|------------------:|
| Investments - embedded derivatives                                                       |     | $ |            668 |     | $ |               791 |
| Investments