Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 153

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 153
---
 June 30, 2025, compared to December 31, 2024, primarily due to a $4.9 million increase in costs related to construction services for our corporate office space.

Digital assets. Digital assets increased by $3.8 million, or 12.1%, as of June 30, 2025 compared to December 31, 2024, primarily due to $4.1 million of digital assets received for service.

Goodwill. Goodwill increased by $96.8 million, or 57.1%, as of June 30, 2025, compared to December 31, 2024, due to the recognition of $96.8 million of goodwill related to the Hashnote acquisition.

Intangible assets. Intangible assets increased by $65.6 million, or 19.8%, as of June 30, 2025, compared to December 31, 2024, primarily due to a $62.7 million increase in internally developed software driven by the capitalization of stock-based compensation expense related to certain RSU awards that vested upon IPO.

Current liabilities

Accounts payable and accrued expenses. Accounts payable and accrued expenses increased by $124.6 million, or 43.4%, as of June 30, 2025, compared to December 31, 2024, primarily due to a $76.0 million increase in stablecoin redemption liabilities, $24.6 million increase in accrued distribution costs, and a $23.0 million increase in vendor related costs.**

<div align='center'>98</div>

Deposits from stablecoin holders.Deposits from stablecoin holders increased by $17.4 billion, or 39.7%, as of June 30, 2025, compared to December 31, 2024. Refer to the “Cash and cash equivalents segregated for the benefit of stablecoin holders” narrative above for further discussion. Convertible debt, net of debt discount.Convertible debt, net of debt discount increased by $165.4 million, or 406.3%, as of June 30, 2025, compared to December 31, 2024 (classified as a non-current liability as of December 31, 2024), primarily due to an increase in the fair value of our convertible debt driven by an increase in the price of our Class A common stock. Redeemable convertible preferred stock Redeemable convertible preferred stock.Redeemable convertible preferred stock decreased by $1