Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 358

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 358
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                       |     |   |     (91 | ) |
| Balance as of June 30, 2024                               |     | $ |  56,382 |   |

<div align='center'>F-20</div>

The following significant unobservable inputs were used in the valuation:

| Table 10.4. Significant Unobservable Inputs |     |              |      |   |     |                  |      |   |
|                                             |     | June 30,2025 |      |   |     | December 31,2024 |      |   |
| Discount rate                               |     |              |  8.0 | % |     |                  |  7.5 | % |
| Volatility                                  |     |              | 56.6 | % |     |                  | 65.0 | % |
| Risk-free rate                              |     |              |  4.1 | % |     |                  |  4.1 | % |

**Nonrecurring fair value measurements

Non-financial assets and investments accounted for under the measurement alternative are measured at fair value on a nonrecurring basis. Certain investments accounted for under the measurement alternative were impaired. Refer to Note 8 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.**

| 11. | Revenue recognition |

**Disaggregation of Revenue**

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

| Table 11.1. Revenue by Product and Service |     | 2025 | Three months ended June 30, |     | 2024 |         |     | 2025 | Six months ended June 30, |     | 2024 |         |
|:-------------------------------------------|:----|:-----|----------------------------:|:----|:-----|--------:|:----|:-----|--------------------------:|:----|:-----|--------:|
| Reserve income                             |     | $    |                     634,274 |     | $    | 423,263 |     | $    |                 1,192,185 |     | $    | 782,902 |
| Other revenue                              |     |      |                             |     |      |         |     |      |                           |     |      |         |
| Subscription and services                  |     |      |                      17,784