Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 143

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 143
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 as we continue to grow in key markets, 91

as well as expanded strategic partnerships and integrations. This was offset by a decrease of approximately $220.2 million which was attributable to a 100 basis point decline in the average yields reflecting interest rate actions undertaken by the U.S. Federal Reserve.

Other revenue increased by $32.2 million, or 263.8%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to a $37.3 million increase driven by additional Integration Services performed, fund management fees, and redemption fees related to our Tokenized Funds and Circle stablecoins, offset by a $5.1 million decrease in other fees generated from other legacy products.

Distribution, transaction and other costs

Distribution and transaction costs. Distribution and transaction costs increased by $304.1 million, or 67.6%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by a $192.0 million increase in distribution costs paid to Coinbase as a combined result of increased reserve income and their on-platform balances, along with a $111.1 million increase in other distribution costs related to new strategic distribution partnerships.

Other costs. Other costs decreased by $4.7 million or 85.3%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by a $5.1 million decrease in the costs related to the discontinued legacy products.

Operating expenses

Compensation expenses. Compensation expenses increased by $450.3 million, or 349.7%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by $423.8 million of stock-based compensation expense related to the vesting of RSUs for which the service-based condition had been met prior to the IPO and the liquidity-event related performance condition was met upon the commencement of trading of our Class A common stock on the NYSE. In addition, there was an increase of $19.7 million in salaries, wages and bonus expenses due to an increase in headcount.

General and administrative expenses. General and administrative expenses increased by $7.6 million, or 11.4%, for the six months ended June 30, 2025, compared to the six months ended June 30