Company: CRCL
Filing Date: 2025-04-28
Form Type: CORRESP
Source: 0001193125-25-098254
Chunk: 1

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-28
Form: CORRESP
Chunk 1
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4)                                                                      |     |               |                550 |   |     |     |     500 |   |     |   |         — |   |
| Change in fair value of convertible debt, warrant liability, and embedded derivatives             |     |               |              2,300 |   |     |     |   2,300 |   |     |   |    (8,095 | ) |
| (Gain) loss on sale of long-lived assets                                                          |     |               |                100 |   |     |     |       — |   |     |   |        47 |   |
| Foreign currency exchange loss                                                                    |     |               |                550 |   |     |     |     500 |   |     |   |       141 |   |
| Adjusted EBITDA                                                                                   |     | $             |            123,750 |   |     | $   | 118,700 |   |     | $ |    76,258 |   |

| (1) | Reflects interest income from corporate cash and cash and cash equivalents balances. For the avoidance of 
 doubt, this amount does not include the impact of reserve income.                                         |

| (2) | Reflects litigation expenses related to the FT Partners litigation and legal and settlement expenses related to                                          
 legacy businesses. Refer to Note 23 to our consolidated financial statements included elsewhere in this prospectus for a summary of these legal matters. |

| (3) | Reflects one-time restructuring expenses incurred in connection with          
 our change in domicile from the Republic of Ireland to the State of Delaware. |

| (4) | Reflects legal and professional services costs related to the Hashnote acquisition in the first quarter of 
 2025.                                                                                                      |

Reserve income.We estimate that our reserve income will be between $541.1 million and $563.5 million for the three months ended March 31, 2025, compared to $359.6 million for the three months ended March 31, 2024. The expected increase is primarily driven by an approximate 90% increase in average USDC in circulation, reflecting increased demand for Circle stablecoins related to digital asset trading activity, market share gains in key markets, and expanded strategic partnerships and integrations, partially offset by a decrease in average yields of approximately 100 basis points reflecting interest rate actions undertaken by the U.S. Federal Reserve. Distribution and transaction costs.We estimate that our distribution and transaction costs will be between