Company: CRCL
Filing Date: 2025-04-18
Form Type: S-1/A
Source: 0001193125-25-084832
Chunk: 345

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-18
Form: S-1/A
Chunk 345
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2022       |     | $ |  78,264 |   |
| Net discount on convertible notes     |     |   |   1,042 |   |
| Capitalized interest                  |     |   |     470 |   |
| Fair value adjustment                 |     |   | (20,107 | ) |
| Fair value adjustment  –  credit risk |     |   |  (1,182 | ) |
| Balance as of                         
 December 31, 2023                     |     | $ |  58,487 |   |

The following significant unobservable inputs were used in the valuation:

| Table 11.4. Significant Unobservable Inputs |     | December 31, 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-financialassets 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. F-36

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                                   |