Company: CRCL
Filing Date: 2025-05-27
Form Type: S-1/A
Source: 0001193125-25-126208
Chunk: 128

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-27
Form: S-1/A
Chunk 128
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 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 $1,262.8 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 $1,262.8 million, or $6.25 per share. After giving further effect to (i) this offering, including our issuance and sale of 9,600,000 shares of Class A common stock at the assumed initial public offering price of $25.00 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 approximately $101.0 million in satisfaction of tax withholding and remittance obligations and the issuance of 5,438,969 shares of Class A common stock and 144,638 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 $1,375.0 million, or $6.33 per share. This represents an immediate increase in pro forma net tangible book value of $0.08 per share to our existing stockholders and an immediate dilution of $18.67 per share to new investors. The following table illustrates this dilution on a per share basis:

| Assumed initial public offering price per share                                              |     |   |      |     | $ | 25.00 |
| Pro forma net tangible book value per share as of March 31, 2025                             |     | $ | 6.25 |     |   |       |
| Increase in pro forma net tangible book value per share attributable to new investors        |     | $ | 0.08 |     |   |       |
| Pro forma as adjusted net tangible book value per share after giving effect to this offering |     |   |      |     | $ |  6.33 |
| Dilution per share to new investors                                                          |     |