Company: CRCL
Filing Date: 2025-05-16
Form Type: S-1/A
Source: 0001193125-25-121234
Chunk: 127

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-16
Form: S-1/A
Chunk 127
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 |                                   |      5,369 |   |     |           |   |     |                |   |
| Total stockholders’ equity                                                                                  |     |                                   |    744,976 |   |     |           |   |     |                |   |
| Total capitalization                                                                                        |     | $                                 |  1,973,361 |   |     | $         |   |     | $              |   |

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

86

Dilution If you invest in our Class A common stock, your interest will be diluted to the extent of the difference between the initial public offering price per share and the pro forma as adjusted net tangible book value per share immediately after this offering. Net tangible book value per share is determined by dividing our tangible net worth (defined as total assets, less intangible assets, goodwill, digital assets, and total liabilities) by the number of shares of common stock outstanding (excluding treasury stock). Our historical net tangible book value as of March 31, 2025 was $1,263 million, or $20.25 per share. After giving effect to the Conversion, our pro forma net tangible book value as of March 31, 2025 would have been $ million, or $ per share. After giving further effect to (i) this offering, including our issuance and sale of shares of Class A common stock at the assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us and (ii) the IPO RSU Vest, including our payment of $ in satisfaction of tax withholding and remittance obligations and the issuance of shares of Class A common stock and shares of Class B common stock in connection with the net settlement of such RSUs, our pro forma as adjusted net tangible book value as of March 31, 2025 would have been $ million, or $ per share. This represents an immediate increase in pro forma net tangible book value of $ per share to our existing stockholders and an immediate dilution of $ per share to new investors. The following table illustrates this dilution on a per share basis:

| Assumed initial public offering price per share                                              
 Pro forma net tangible book value per share as of March 31