Company: CRCL
Filing Date: 2025-04-18
Form Type: S-1/A
Source: 0001193125-25-084832
Chunk: 373

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-18
Form: S-1/A
Chunk 373
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 Shares     |                |   |     | Shares         |                 |   |
| Circle Reserve Fund   |     |            |                |   |     |                |                 |   |
| Institutional         |     |            |                |   |     |                |                 |   |
| Shares sold           |     |            | 10,300,000,000 |   |     |                |  35,837,009,000 |   |
| Shares redeemed       |     |            | (5,700,000,000 | ) |     |                | (10,450,000,000 | ) |
|                       |     |            |  4,600,000,000 |   |     |                |  25,387,009,000 |   |

| (a) |     | Commencement of operations. |

9. Subsequent events Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements. F-68

Report of Independent Registered Public Accounting Firm

To the Shareholders of Circle Reserve Fund and the Board of Trustees of BlackRock
Funds:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Circle Reserve Fund of BlackRock Funds
(the “Fund”), including the schedule of investments, as of April 30, 2023, the related statements of operations, changes in net assets, and the financial highlights for the period from November 3, 2022 (commencement of
operations) through April 30, 2023, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, and the results
of its operations, the changes in its net assets, and the financial highlights for the period from November 3, 2022 (commencement of operations) through April 30, 2023, in conformity with accounting principles generally accepted in the
United States of America.

Basis for Opinion

These financial statements
and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audit. We are a public accounting firm
registered with the Public Company Accounting Oversight Board (United States) (PCAOB