Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 401

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 401
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     |      |     954 |   |     |      |  427,448 |   |
| Total                                                                |     | $                       | (4,251 | ) |     | $    | (13,488 | ) |     | $    |   57,436 |   |

Refer to Note 13 for gains and losses on digital assets held for investments. 9. Investments Strategic investments The Company holds strategic investments in privately held companies as a part of the Company’s strategy to build partnerships across the digital asset ecosystem. The Company also receives certain equity instruments as consideration for services. The Company does not have the ability to exercise significant influence over operating and financial policies of these investments. The carrying amount of these investments was $84.1 million and $75.9 million as of December 31, 2024 and 2023, respectively, which are included in Investmentson the Consolidated Balance Sheets. The Company primarily records these investments at cost adjusted to fair value upon observable transactions for identical or similar investments of the same issuer or upon impairment, referred to as the measurement alternative. The Company’s investments carried under the measurement alternative are recorded at fair value on a non-recurring basis in periods after initial recognition. Investments carried under the measurement alternative are F-59

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83 classified within Level 3 of the fair value hierarchy due to the absence of quoted market prices, the inherent lack of liquidity and unobservable inputs used to measure fair value that require management’s judgment. Any subsequent changes in value of these investments will be included as a part of Other income (expense), neton the Consolidated Statements of Operations. The changes in the carrying value of equity investments carried under the measurement alternative along with investments in limited partnerships and certain forward contracts to purchase a specified quantity of equity shares in private companies are presented below (in thousands): Table 9. Changes in the Carrying Value of Equity Investments under Measurement Alternative

| Balance as of December 31, 2023                         |     | $ | 66,008 |   |
| Net investments and returns in privately held companies |     |   |  1,162 |   |
| Upward adjustments                                      |     |   |  4,969 |   |
| Downward adjustments                                    |     |   | (2,098 | ) |
| Realized losses and impairments                         |     |