Company: CRCL
Filing Date: 2025-04-18
Form Type: S-1/A
Source: 0001193125-25-084832
Chunk: 366

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-18
Form: S-1/A
Chunk 366
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 value (“NAV”) per share at $1.00, although there is no assurance that it will be able to do so on a continuing basis. Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

| • |     | Level 1—Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has 
 the ability to access;                                                                                                |

| • |     | Level 2—Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities                                                                                                                                   
 in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, 
 volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and                                                                                                                       |

| • |     | Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent                                            
 observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. 4. Securities and other investments Repurchase Agreements:Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Repurchase agreements may be traded bilaterally, in a tri-partyarrangement or may be centrally cleared through a sponsoring agent. Subject to the