Company: CRCL
Filing Date: 2025-02-13
Form Type: DRSLTR
Source: 0000950123-25-001969
Chunk: 4

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRSLTR
Chunk 4
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 nature of its underlying investments further support its classification as a cash equivalent. From a liquidity perspective, it is a money market fund, redeemable on demand at NAV. Money market funds are explicitly listed as examples of cash equivalents in the ASC Master Glossary. From a maturity standpoint, the Fund primarily holds cash, U.S. Treasury securities maturing in three months or less, and overnight reverse repurchase agreements collateralized by U.S. Treasury securities, all of which align with cash equivalent criteria, comply with applicable regulatory requirements and supervisory guidance for stablecoin reserves and are consistent with our reserve management standard. 3

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. SECTION 200.83

| Division of Corporation Finance         
 U.S. Securities and Exchange Commission |

In assessing whether the shares meet the definition of a cash equivalent, the Company considered both individual shares and the aggregate shares it holds. The Fund operates like any Rule 2a-7fund. Each individual share is redeemable immediately at the Fund’s NAV. If the Company were to redeem all of its shares at once, they would be redeemable at NAV plus or minus an insignificant amount due to minor interest rate differentials on the underlying investments. The Fund has the right, as is the case for any Rule 2a-7fund, to hold redemptions up to 7 days, to facilitate an orderly winddown. However, as the Company is the Fund’s sole shareholder, the Fund is not expected to delay redemptions any longer than is needed. As a fiduciary for the Company, as its sole shareholder, the Fund would look to maintain stable NAV, and return cash or the underlying securities to prevent any loss. Any in-kindredemption would be in the U.S. Treasury securities and other instruments owned by the Fund, all of which meet the definition of a cash equivalent. Upon full redemption of the Company’s shares in the Fund, the Fund would not automatically terminate. Based on these considerations, the Company’s shares in the Fund meet the definition of a cash equivalent, regardless of whether the unit of account is the individual share basis or in aggregate. ASC Topic 825 does not establish requirements for recognizing and measuring dividend income; therefore, the Company continues to recognize dividend income as declared by the Fund in Reserve income in the Consolidated Statements of Operations. As such, the revisions had no effect on the consolidated financial statements except for the incremental disclosures required by ASC Topic