Company: CRCL
Filing Date: 2025-05-16
Form Type: S-1/A
Source: 0001193125-25-121234
Chunk: 162

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-16
Form: S-1/A
Chunk 162
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 Hashnote acquisition. Current liabilities Accounts payable and accrued expenses .Accounts payable and accrued expenses increased by $8.8 million, or 3.1%, as of March 31, 2025 compared to December 31, 2024, primarily due to a $28.6 million increase in the accrued distribution costs and a $17.7 million increase in income taxes payable, partially offset by a $23.8 million decrease in stablecoin redemption liabilities and a $23.8 million decrease in the balance of accrued bonuses at the end of 2024 that were paid during the three months ended March 31, 2025. Deposits from stablecoin holders .Deposits from stablecoin holders increased by $16.2 billion, or 37.2%, as of March 31, 2025 compared to December 31, 2024. Refer to the “Cash and cash equivalents segregated for benefit of stablecoin holders” narrative above for further discussion. Non-current liabilities Convertible debt, net of debt discount .Convertible debt, net of debt discount decreased by $3.3 million, or 8.1%, as of March 31, 2025 compared to December 31, 2024, primarily due to a $3.9 million decrease in fair value related to changes in the key underlying assumptions used in the fair value adjustment. Equity Stockholders’ equity. Stockholders’ equity increased by $174.4 million, or 30.6%, as of March 31, 2025 compared to December 31, 2024, primarily due to the recognition of $89.9 million additional paid-in capital related to the Hashnote acquisition, $64.8 million of net income and $15.4 million of stock-based compensation expenses during the three months ended March 31, 2025. December 31, 2024 compared to December 31, 2023

|                                                                                              |     | December 31,                      
 2024                              |            |     | December 31, 
 2023         |            |     | 2024 compared to 2023 
 $ Change              |            |   |     | % Change |          |
|:---------------------------------------------------------------------------------------------|:----|:----------------------------------|-----------:|:----|:-------------|-----------:|:----|:----------------------|-----------:|:--|:----|:---------|:---------|
|                                                                                              |     | -in thousands, except percentages |            |