Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 396

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 396
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 tax purposes. The acquisition agreement also provides for the issuance of 1.3 million common shares of Circle to Billeto employees that are subject to the satisfaction of certain vesting conditions and will be accounted for as compensation costs over the requisite service period. Cybavo, Pte. Ltd In July 2022, the Company acquired 100% of the ownership interest in Cybavo, Pte. Ltd, a private company limited by shares incorporated in Singapore (together with its subsidiaries, “Cybavo”) that provides platforms for digital asset custody and blockchain application development. F-53

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83 In accordance with ASC 805, Business Combinations, the acquisition was accounted for as a business combination under the acquisition method. The following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands):

| Cash                                     |     | $ |   1,498 |   |
| Fixed assets, net                        |     |   |     528 |   |
| Operating lease right-of-use assets      |     |   |   1,114 |   |
| Intangible assets, net                   |     |   |  24,407 |   |
| Other assets                             |     |   |     335 |   |
| Goodwill                                 |     |   | 120,917 |   |
| Deferred tax liabilities                 |     |   |  (4,148 | ) |
| Other current and noncurrent liabilities |     |   |  (2,418 | ) |
| Total purchase consideration             |     | $ | 142,233 |   |

The total fair value of consideration transferred was $142.2 million, consisting of $37.6 million in cash and USDC and 2.2 million common shares of Circle valued at $104.5 million. The intangible assets acquired consist of developed technology of $15.6 million, customer relationships of $6.6 million and trade name of $2.2 million, and were assigned useful lives of 6.0, 2.5 and 8.5 years, respectively. The fair value of the developed technology, customer relationships, and trade name were determined using the income approach. These valuations are considered Level 3 fair value measurements due to the use of unobservable inputs including projected timing and amounts of