Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 132

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 132
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 the underwriting discounts and commissions and before deducting offering costs of $12.8 million.

In connection with the IPO, all shares of our outstanding redeemable convertible preferred stock automatically converted into a total of 139.8 million shares of Class A common stock, and a total of 19.6 million shares of Class A common stock held by our co-founders and certain entities controlled by our co-founders were converted into an equivalent number of shares of Class B common stock.

Certain of our restricted stock units granted to employees included both a service condition and a liquidity-event related performance condition. The performance condition related to these awards was met upon the commencement of trading of our Class A common stock on the NYSE, and the Company recognized $423.8 million of stock-based compensation expense, net of $62.7 million of capitalized costs related to internally developed software, for the vesting of approximately 9.5 million shares of Class A common stock, 4.0 million of which were withheld for tax withholding requirements.

Hashnote Acquisition

In January 2025, we acquired 100% of the ownership interest in Hashnote, which, through its affiliates, is the fund manager of SDYF, a TMMF and the issuer of USYC. The fair value of consideration transferred for the Hashnote acquisition was approximately $100.1 million, subject to customary adjustments, consisting of $10.2 million in cash and approximately 2.9 million shares of our Class A common stock.

Key operating and financial indicators

We regularly review several key operating and non-GAAP financial indicators to evaluate our performance and trends and inform management’s budgets, financial projections, and strategic decisions. The following table**

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presents our key operating and financial indicators, as well as the relevant GAAP measures, for the periods indicated:

|                                                       |     | 2025 | Three months ended 
           June 30, |   |     | 2024 |        |     | 2025 | Six months ended 
         June 30, |   |     | 2024 |        |     | 2024 | Year ended December 31, |     | 2023 |         |     | 2022 |                                                                                        |   |
|:------------------------------------------------------|:----|:-----|-------------------:|:--|:----|:-----|-------:|:----|:-----|-----------------:|:--|:----|:-----|-------:|