Company: CRCL
Filing Date: 2025-06-02
Form Type: S-1/A
Source: 0001193125-25-132755
Chunk: 163

Company: Circle Internet Group, Inc.
Filing Date: 2025-06-02
Form: S-1/A
Chunk 163
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2024, primarily due to a $49.3 million increase in the reserve income receivable, partially offset by a $12.1 million decrease in digital financial assets. Non-current assets Investments .Investments decreased by $6.6 million, or 7.8%, as of March 31, 2025 compared to December 31, 2024, primarily due to $8.3 million in net losses on digital assets and other investments for the three months ended March 31, 2025. 112

Fixed assets.Fixed assets increased by $5.0 million, or 26.9%, as of March 31, 2025 compared to December 31, 2024, primarily due to a $4.9 million increase in the construction-in-progress related to corporate office space. Digital assets.Digital assets decreased by $9.3 million, or 29.8%, as of March 31, 2025 compared to December 31, 2024, primarily due to the recognition of $14.4 million losses on digital assets, partially offset by $4.5 million digital assets received for service. Goodwill.Goodwill increased by $96.5 million, or 56.9%, as of March 31, 2025 compared to December 31, 2024, primarily due to the recognition of $96.5 million of goodwill related to the Hashnote acquisition. Current liabilities Accounts payable and accrued expenses .Accounts payable and accrued expenses increased by $8.8 million, or 3.1%, as of March 31, 2025 compared to December 31, 2024, primarily due to a $28.6 million increase in accrued distribution costs and a $17.7 million increase in income taxes payable, partially offset by a $23.8 million decrease in stablecoin redemption liabilities and a $23.8 million decrease in the balance of accrued bonuses at the end of 2024 that were paid during the three months ended March 31, 2025. Deposits from stablecoin holders .Deposits from stablecoin holders increased by $16.2 billion, or 37.2%, as of March 31, 2025 compared to December 31, 2024. Refer to the “Cash and cash equivalents segregated for benefit of stablecoin holders” narrative above for further discussion. Non-current liabilities Convertible debt, net of debt discount .Convertible debt, net of debt discount decreased by $3.3 million