Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 38

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 38
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     | $                       | 284,871 |   |     | $    | 395,230 |   |     | $    |        96,276 |

| (1) | Reflects interest income from corporate cash and cash and cash equivalents balances. For the avoidance of doubt, this amount does not include the impact of reserve income. |

| (2) | Reflects litigation expenses related to the FT Partners litigation and settlement expenses related to legacy businesses. Refer to Note 23 to our audited consolidated financial statements and Note 22 to our unaudited condensed consolidated financial statements included elsewhere in this prospectus for a summary of these legal matters. |

| (3) | Reflects one-time termination expenses incurred in connection with the termination of merger agreement. |

| (4) | Reflects one-time restructuring expenses incurred in connection with the Redomiciliation. |

| (5) | Reflects legal and professional services costs related to the Hashnote acquisition in 2024 and the first half of 2025 and the Billeto and Cybavo acquisitions in 2022. |

**22

RISK FACTORS

Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below together with all of the other information contained in this prospectus, including our consolidated financial statements and the notes thereto, before deciding to invest in our Class A common stock. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also adversely affect our business. If any of the following risks actually occurs, our business, results of operations, financial condition, and prospects would likely suffer. In such case, the trading price of our Class A common stock could decline, and you may lose all or part of your investment.

Risks related to our business and industry

We face intense and increasing competition.

We operate in a rapidly changing and highly competitive industry, and our results of operations and future prospects depend in part on the continued growth of the Circle stablecoin network, our ability to monetize the Circle stablecoin network, and our ability to innovate and create successful new products and services and improve existing products and services.

Although there may be certain regulatory and other barriers to enter the markets we serve, we nonetheless expect our competition to continue to increase. We face competition from both established enterprises and early-stage companies that are attempting to capitalize on the same, or similar, opportunities