Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 153

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 153
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 of December 31, 2024 compared to December 31, 2023, .
Accounts payable and accrued expenses decreased by $123.6 million, or 44.8%, as of December 31, 2023 compared to December 31, 2022, primarily due to a $143.6 million decrease in the accrued distribution costs.

Deposits from stablecoin holders. Deposits from stablecoin holders by $ billion, or
%, as of December 31, 2024 compared to December 31, 2023. Refer to the “Cash and cash equivalents segregated for benefit of stablecoin holders” narrative above for further discussion.
Deposits from stablecoin holders decreased by $20.3 billion, or 45.5%, as of December 31, 2023 compared to December 31, 2022. Refer to the “Cash and cash equivalents segregated for benefit of stablecoin holders” narrative above for further discussion.

Non-currentliabilities

Deferred tax liabilities.Deferred tax liabilities by $ million, or %,
as of December 31, 2024, compared to December 31, 2023, . Deferred tax liabilities increased by $15.7 million, or 401.6%, as of December 31, 2023, compared to December 31, 2022, primarily driven
by a $47.2 million increase from the book-over-basis differences in the acquired intangible assets as a result of the Centre

103

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

Acquisition, partially offset by a $7.2 million increase in net deferred tax asset from
internally-developed software capitalization and a $52.9 million of change in valuation allowance during the year ended December 31, 2023.

Convertible debt, net of debt discount.Convertible debt, net of debt discount by $ million, or %, as of December 31, 2024 compared to December 31, 2023,
. Convertible debt, net of debt discount decreased by $19.8 million, or 25.3%, as of December 31, 2023 compared to December 31, 2022, primarily due to changes in the key underlying assumptions used in the fair
value adjustment.

Equity

Stockholders’ equity (deficit). Stockholders’ equity (deficit) by $