Company: CRCL
Filing Date: 2025-04-18
Form Type: CORRESP
Source: 0001193125-25-084837
Chunk: 1

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-18
Form: CORRESP
Chunk 1
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 classified as ‘securities’…,” please remove the statements that “the SEC has not objected” and                                                      
 “the SEC has not challenged,” respectively, the Company’s assessment that Circle stablecoins are not offered and sold as “securities” under the U.S. federal securities laws. Also, please make corresponding revisions to your                 
 disclosure in the second full paragraph on page 154. In addition, in the risk factor at page 64 captioned “If we were deemed to be an investment company under the 1940 Act, applicable restrictions likely would make it impractical for us to 
 continue our business as currently contemplated,” please remove the statement that “the SEC has not objected” to the Company’s analysis of its status under the Investment Company Act of 1940.                                                 |

Response: The Company has revised the disclosures on pages 39, 41, 64, and 154 of the Amended Registration Statement to remove the statements identified in the Staff’s comment. Management’s discussion and analysis of financial condition and results of operations Key components of revenue and expenses Distribution, transaction, and other costs Distribution and transaction costs, page 101

| 3. | We note your revision in the disclosure about the computation of the payment to Coinbase under the                                                                                                                                     
 Collaboration Agreement to incorporate a “residual payment base.” Please revise your disclosure regarding romanette (ii) as the parenthetical phrase added since your last draft registration statement submission appears to indicate 
 that the amount of the payment associated with romanette (ii) is calculated after deducting the amount derived from romanette (ii).                                                                                                    |

Response: The Company has revised the disclosures on pages 96 and 101 of the Amended Registration Statement to further clarify the methodology used to compute the residual payment base under the Collaboration Agreement. Results of operations, page 104

| 4. | We note that reserve income increased $230.5 billion or 16.1 % in 2024 from 2023 with approximately 10                                                                                                                                                    
 percentage points attributable to the 9% increase in average USDC in circulation and approximately 6 percentage points attributable to the 25 basis point increase in average yields. Excluding the 10% increase in distribution and transaction costs of 
 $74.1 million primarily attributable to the Binance one-time fee, distribution costs paid to Coinbase increased 31% or approximately $216.6 million primarily attributable to the 10 percentage point increase in the weighted-average USDC in            
 circulation held on Coinbase’s platform. Given the