Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 409

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 409
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2024 |   |     |     | December 31, 2023 |   |
|:---------------|:----|:----|------------------:|:--|:----|:----|------------------:|:--|
| Discount rate  |     |     |               7.5 | % |     |     |              11.0 | % |
| Volatility     |     |     |              65.0 | % |     |     |              66.5 | % |
| Risk-free rate |     |     |               4.1 | % |     |     |               4.2 | % |

Nonrecurring fair value measurements Non-financial assets such as digital assets, prior to the adoption of ASU 2023-08 on January 1, 2024, and investments accounted for under the measurement alternative are measured at fair value on a nonrecurring basis. The fair value of digital assets are based on Level 1 inputs. Certain investments accounted for under the measurement alternative were impaired. Refer to Note 9 for further details. These fair value measurements are based on Level 3 inputs, predominantly projected cash flows from the underlying investments and an applicable discount rate used in an income approach. 12. Revenue recognition Disaggregation of Revenue The following table summarizes the disaggregation of revenue by major product and service (in thousands): Table 12.1. Revenue by Product and Service

|                      |     | Year ended December 31, |      2024 |     |   |      2023 |     |   |    2022 |
|:---------------------|:----|:------------------------|----------:|:----|:--|----------:|:----|:--|--------:|
| Reserve income       |     | $                       | 1,661,084 |     | $ | 1,430,606 |     | $ | 735,885 |
| Other revenue:       |     |                         |           |     |   |           |     |   |         |
| Transaction services |     | $                       |     6,013 |     | $ |     9,896 |     | $ |  21,885 |
| Treasury services    |     |                         |         — |     |   |         — |     |   |   7,509 |

F-64

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PUR