Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 150

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 150
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 Circle stablecoins due to 101

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83

funds related to reserve income received that has not yet been transferred to corporate
cash due to the timing of receipt and unprocessed customer deposits that have not yet been minted. We have access to and are entitled to the excess over redemption and customer obligations. We are not required by law or internal policy to maintain
any such excess.

Current assets

Cash and cash equivalents. Cash and cash equivalents by $ million, or %, as of December 31, 2024, compared to December 31, 2023, .
Cash and cash equivalents decreased by $296.0 million, or 44.5%, as of December 31, 2023, compared to December 31, 2022, primarily due to $311.6 million in purchases of
available-for-sale debt securities for the year ended December 31, 2023. Refer to “—Liquidity and capital resources—Cash flows” below for
further discussion on the net cash provided by (used in) operating activities, investing activities, and financing activities during the periods.

Cash and cash equivalents segregated for corporate-held stablecoins.Cash and cash equivalents segregated for corporate-held stablecoins by $ million as of December 31, 2024, compared to
December 31, 2023, . Cash and cash equivalents segregated for corporate-held stablecoins increased by $270.5 million as of December 31, 2023, compared to December 31, 2022, primarily due to a $270.5 million
increase in corporate cash held in the form of Circle stablecoins. Refer to “—Liquidity and capital resources—Composition of USDC reserves” below for further discussion of the composition of the reserves.

Cash and cash equivalents segregated for the benefit of stablecoin holders. Cash and cash equivalents segregated for the benefit of stablecoin holders
by $ million, or %, as of December 31, 2024, compared to December 31, 2023, . Cash and cash equivalents segregated for the
benefit of stablecoin holders decreased by $11.6 billion, or 32.3%, as of December 31, 2023, compared to December 31, 2022, primarily due to a $20.1 billion decrease in the USDC in circulation,