Company: CRCL
Filing Date: 2025-06-02
Form Type: S-1/A
Source: 0001193125-25-132755
Chunk: 165

Company: Circle Internet Group, Inc.
Filing Date: 2025-06-02
Form: S-1/A
Chunk 165
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 cash equivalents during the year ended December 31, 2024. As of December 31, 2024, all available-for-sale
securities matured and were sold.

Investments. Investments increased by $8.2 million, or 10.9%, as of December 31, 2024 compared to
December 31, 2023, primarily due to $8.6 million in gains on strategic investments for the year ended December 31, 2024.

Fixed assets. Fixed
assets increased by $16.1 million as of December 31, 2024 compared to December 31, 2023, primarily due to a $16.2 million increase in the construction-in-progress related to corporate office space.

Digital assets. Digital assets increased by $20.0 million, or 176.3%, as of December 31, 2024 compared to December 31, 2023, primarily due to the
recognition of $10.9 million gains on digital assets, $12.3 million of digital asset purchases, and $6.9 million in fair value adjustments on digital assets upon adoption of ASU 2023-08 on January 1, 2024, partially offset by $10.1 million disposal
of digital assets.

Deferred tax assets, net. Deferred tax assets, net increased by $10.2 million, or 100.0%, as of December 31, 2024
compared to December 31, 2023, primarily due to the valuation allowance release against the net operating loss deferred tax assets of foreign entities due to their respective projected profitability.

Other non-current assets. Other non-current assets increased by $16.2 million, or 368.5%, as of December 31, 2024 compared to December 31,
2023, primarily due to the recognition of $15.2 million operating lease right-of-use assets related to corporate office space.

Current liabilities

Accounts payable and accrued expenses.Accounts payable and accrued expenses increased by $134.4 million, or 88.1%, as of December 31,
2024 compared to December 31, 2023, primarily due to a $107.4 million increase

115

attributable to timing differences related to stablecoin redemptions and a $26.0 million increase in the accrued distribution costs, partially offset by a $26.5 million decrease in income taxes
payable.

Deposits from stablecoin holders. Deposits