Company: CRCL
Filing Date: 2025-05-16
Form Type: S-1/A
Source: 0001193125-25-121234
Chunk: 414

Company: Circle Internet Group, Inc.
Filing Date: 2025-05-16
Form: S-1/A
Chunk 414
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 the Fund are held by Circle as a portion of the reserves associated with Circle’s issuance of stablecoins to customers. The assets of the Fund are expected to fluctuate depending on the creation (mining) of additional stablecoins or the redemption (burning) of such coins. Stablecoins may face periods of uncertainty resulting in the potential for rapid requests by Circle for redemption of the Fund’s shares. Redemptions of a large number of Fund shares may adversely affect the Fund’s liquidity and net assets. These large redemptions may force the Fund to sell portfolio securities to meet redemption requests when it might not otherwise do so, which may negatively impact the Fund. In addition, large redemptions can result in the Fund’s current expenses being allocated over a smaller asset base, which generally could result in an increase in the Fund’s expense ratio. 8. Capital share transactions The number of shares sold, reinvested and redeemed corresponds to the net proceeds from the sale of shares, reinvestment of all distributions and cost of shares redeemed, respectively, since shares are sold, reinvested and redeemed at $1.00 per share. Transactions in capital shares were as follows:

|                       |     | Year Ended 
 04/30/24   |                |   |     | Period from    
 11/03/22(a) to 
 04/30/23       |                 |   |
| Fund Name/Share Class |     | Shares     |                |   |     | Shares         |                 |   |
| Circle Reserve Fund   |     |            |                |   |     |                |                 |   |
| Institutional         |     |            |                |   |     |                |                 |   |
| Shares sold           |     |            | 10,300,000,000 |   |     |                |  35,837,009,000 |   |
| Shares redeemed       |     |            | (5,700,000,000 | ) |     |                | (10,450,000,000 | ) |
|                       |     |            |  4,600,000,000 |   |     |                |  25,387,009,000 |   |

| (a) |     | Commencement of operations. |

9. Subsequent events Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the