Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 161

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 161
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, offset by a $13.8 million decrease in digital financial assets.

Non-current assets

Investments.Investments were relatively flat as of June 30, 2025 compared to December 31, 2024.

Fixed assets. Fixed assets increased by $5.1
million, or 27.4%, as of 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.

98

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83 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