Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 121

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 121
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 |     |                                  |  3,998,827 |   |     |             |
| Accumulated deficit                                                                               |     |                                  | (1,640,510 | ) |     |             |
| Accumulated other comprehensive income                                                            |     |                                  |     15,366 |   |     |             |
| Total stockholders’ equity                                                                        |     |                                  |  2,370,831 |   |     |             |
| Total capitalization                                                                              |     | $                                |  2,423,074 |   |     | $           |

| (1) | The as adjusted information is illustrative only and will change based on the actual public offering price and 
 other terms of this offering determined at pricing.                                                            |

| (2) | Excludes cash and cash equivalents segregated for corporate-held stablecoins of $588,271. |

72

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion of our financial condition and results of operations in conjunction with our consolidated financial statements, including the notes thereto, included elsewhere in this prospectus. In addition to historical information, the following discussion and analysis contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results and the timing of events could differ materially from those anticipated in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this prospectus, particularly in the “Risk factors” section. Overview Founded in 2013, Circle’s mission is to raise global economic prosperity through the frictionless exchange of value. We intend to connect the world more deeply by building a new global economic system on the foundation of the internet, and to facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications. Since inception, we have relentlessly pursued our mission and vision, building fundamental technology for the internet financial system. We have forged paths toward mainstream acceptance through persistent and active engagement with policymakers and regulators globally, and have seen institutional and consumer knowledge and acceptance of internet-native financial assets approach critical mass. Large and influential players in the incumbent financial services system are increasingly embracing digital assets broadly and stablecoins specifically. Circle’s innovative products reach tens of millions of end-users, power thousands of businesses, and, as