Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 176

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 176
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Sources of liquidity

Initial Public Offering (IPO)

In June 2025, we completed
our IPO, in which we issued and sold 19.9 million shares of our Class A common stock, including the underwriters’ over-allotment option which was exercised in full, at a public offering price of

108

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

$31.00 per share. The IPO resulted in net proceeds to us of $583.0 million after deducting the underwriting discounts and commissions and before deducting offering costs of $12.8 million, which
were charged to additional paid-in capital as a reduction of the net proceeds received from the IPO.

Debt

In March 2019, we entered into an agreement with an investment company to issue convertible promissory notes in connection with the acquisition of SeedInvest.
We agreed to pay the holder the principal amount together with any interest on the unpaid principal balance for the notes beginning on the date of the agreement. The note had an original principal amount of $24.0 million and was convertible into
Series E preferred stock subject to the conversion provisions in the agreement. In September 2024, certain holders of the Company’s note converted their principal balance of $8.3 million into 524 thousand shares of Series E preferred stock
at a conversion rate of $16.23 per share. Subsequent to the IPO, the remaining note is convertible into Class A common stock at a conversion rate of $16.23. The note matures on March 1, 2026, unless earlier converted, and has an annual
interest rate of 2.9% due annually in arrears on the last day of each calendar year.

Warrants

In April 2023, Circle entered into an agreement with a commercial counterparty to grant warrants to purchase up to 4.5 million common shares of a
consolidated subsidiary that will be automatically converted one for one into shares of Class A common stock upon exercise. The warrants have an exercise price of $42.14 per share and an exercise period of ten years from the grant date. The
vesting of the warrants is subject to certain conditions to be achieved over a five-year period. As of June 30, 2025, 3.4 million of these warrants have expired. None of the common shares associated with these warrants have been exercised