Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 413

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 413
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 ) |
| Fair value adjustment – credit risk |     |   |  (1,182 | ) |
| Balance as of December 31, 2023     |     | $ |  58,487 |   |

The following significant unobservable inputs were used in the valuation:

**Table 11.4. Significant Unobservable Inputs**

|                |     |     | December 31, 2024 |   |     |     | December 31, 2023 |   |
|:---------------|:----|:----|------------------:|:--|:----|:----|------------------:|:--|
| Discount rate  |     |     |               7.5 | % |     |     |              11.0 | % |
| Volatility     |     |     |              65.0 | % |     |     |              66.5 | % |
| Risk-free rate |     |     |               4.1 | % |     |     |               4.2 | % |

**Nonrecurring fair value measurements

Non-financial assets such as digital assets, prior to the adoption of ASU 2023-08 on January 1, 2024, and investments accounted for under the measurement alternative are measured at fair value on a nonrecurring basis. The fair value of digital assets are based on Level 1 inputs. Certain investments accounted for under the measurement alternative were impaired. Refer to Note 9 for further details. These fair value measurements are based on Level 3 inputs, predominantly projected cash flows from the underlying investments and an applicable discount rate used in an income approach.**

**12. Revenue recognition**

**Disaggregation of Revenue**

The following table summarizes the disaggregation of revenue by major product and service (in thousands):

**Table 12.1. Revenue by Product and Service**

|                      |     | Year ended December 31, |      2024 |     |   |      2023 |     |   |    2022 |
|:---------------------|:----|:------------------------|----------:|:----|:--|----------:|:----|:--|--------:|
| Reserve income       |     | $                       | 1,661,084 |     | $ | 1,430,606 |     | $ | 735,885 |
| Other revenue:       |     |                         |           |     |   |           |     |