Company: CRCL
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001193125-25-070481
Chunk: 386

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 386
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 over a smaller asset base, which generally could result in an increase in the Fund’s expense ratio. Shareholder Purchase/Redemption Risk:Shares of 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 by Circle. Stablecoins may face periods of uncertainty resulting in the potential for rapid requests by Circle for redemption of the Fund’s shares. 7. 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 and redeemed at $1.00 per share. Transactions in capital shares were as follows:

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

| (a) |     | Commencement of operations. |

8. 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 financial statements. F-80

shares Class A Common stock Preliminary prospectus

| J.P. Morgan |     | Citigroup |

| Barclays |     | Deutsche Bank Securities |     | SOCIETE GENERALE |

| BNY Capital Markets |     | Canaccord Genuity |     | Needham & Company |     | Oppenheimer & Co. |     | Santander |

, 2025

Part II Information not required in the prospectus Item 13. Other expenses of issuance and distribution Estimated expenses, other than underwriting discounts and commissions, of this offering are as follows:

| SEC registration fee                           |     | $ |     | * |
| FINRA filing fee                               |     |   |     | *