Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 355

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 355
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 206,140 |     | $       |                 — |     | $       |     — |     | $       | 42,308 |

| (1) | Included $53.2 billion and $37.5 billion of Circle Reserve Fund as of June 30, 2025 and December 31, 2024, 
 respectively.                                                                                              |

| (2) | The fair value measurement is based on the quoted market price of the underlying digital asset. |

| (3) | Excluded the host contract balance of $1.2 million and $0.8 million as of June 30, 2025 and December 31, 
 2024, respectively.                                                                                      |

There were no transfers into or out of Level 3 of the fair value hierarchy during the three and six months ended June 30, 2025 and 2024. Warrant liability The Company had issued warrants convertible into Series E preferred stock at a price of $16.23 per share. The warrants were classified as a non-current liability and were fair valued using a probability weighted model based on the fair value of the Company’s common stock at the balance sheet date. The Company revalued the warrants at each reporting period and recorded the change in fair value in the unaudited Condensed Consolidated Statements of Operations. On February 20, 2025, the Company issued an aggregate of 45 thousand shares of Series E preferred stock to the warrant holders upon the cashless exercise of those warrants which were subsequently converted one-for-one to Class A common stock upon completion of the IPO. The changes in carrying value of warrant liability are reflected in the following tables (in thousands):

| Table 10.2. Changes in Carrying Value of Warrant 
 Liability                                        |     |   |        |   |
|:-------------------------------------------------|:----|:--|-------:|:--|
| Balance as of December 31, 2024                  |     | $ |  1,591 |   |
| Warrants exercised                               |     |   | (1,591 | ) |
| Balance as of June 30, 2025                      |     | $ |      — |   |
| Balance as of December 31, 2023                  |     | $ |  1,642 |   |
| Fair value adjustment                            |     |   |   (116 | ) |
| Balance as of June 30, 2024                      |     | $ |