Company: CRCL
Filing Date: 2025-05-27
Form Type: S-1/A
Source: 0001193125-25-126208
Chunk: 172

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-27
Form: S-1/A
Chunk 172
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 liquidity fees or redemption gates, although the board of trustees may change this policy with advance notice to us. Although there are generally no limitations (except as described
below) on our ability to redeem shares of the Circle Reserve Fund, redemptions of a large number of shares within a short period of time may adversely affect the Circle Reserve Fund’s liquidity and net assets and may force the Circle Reserve
Fund to sell portfolio securities to meet such redemption requests when it might not otherwise do so. As is customary for money market funds, the Circle Reserve Fund may (i) suspend the right of redemption if trading is halted or restricted by the
NYSE or under other emergency conditions described in the 1940 Act; (ii) postpone the date of payment upon redemption if trading is halted or restricted on the NYSE or under other emergency conditions described in the 1940 Act or if a redemption
request is made before the Circle Reserve Fund has collected payment for the purchase of shares; (iii) redeem shares for property other than cash as may be permitted under the 1940 Act; and (iv) redeem shares involuntarily in certain cases, such as
when the value of a shareholder account falls below a specified level.

Our determination of whether to invest and the amount of investment in the Circle Reserve
Fund is governed by our reserve management standard. See “Business—Reserve management standard.” The Circle Reserve Fund has a $2 billion minimum investment requirement. However, we are not obligated to invest in the Circle Reserve
Fund.

121

Sources of liquidity

Debt

Refer to Note 15 to our audited consolidated financial statements
and Note 14 to our unaudited condensed consolidated financial statements included elsewhere in this prospectus for a summary of our outstanding debt as of December 31, 2024 and March 31, 2025, respectively.

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. There was one convertible promissory note outstanding as of December 31, 2023, which had a
principal amount of $24.0 million and is convertible into Series E preferred stock subject to the conversion provisions in the agreement (the “2019 Note”). In September 2024, certain holders elected to convert a principal amount of
approximately $8.3