Company: CRCL
Filing Date: 2025-08-04
Form Type: DRS
Source: 0000950123-25-006942
Chunk: 346

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-04
Form: DRS
Chunk 346
---
”), which, through its affiliates, is the fund manager of Hashnote International Short Duration Yield Fund Ltd., a tokenized money market fund and the issuer of USYC. F-12

CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83 In accordance with ASC 805, Business Combinations, the acquisition was accounted for as a business combination under the acquisition method. The allocation of the purchase price for this acquisition has been prepared on a preliminary basis and changes to the allocation to certain assets, liabilities, and tax estimates may occur as additional information becomes available. The following table summarizes the preliminary allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands):

| Cash and cash equivalents                 |     | $ |   2,412 |   |
| Accounts receivable, net                  |     |   |     193 |   |
| Prepaid expenses and other current assets |     |   |     109 |   |
| Fixed assets, net                         |     |   |       8 |   |
| Digital assets                            |     |   |     104 |   |
| Goodwill                                  |     |   |  96,840 |   |
| Intangible assets, net                    |     |   |   4,480 |   |
| Accounts payable and accrued expenses     |     |   |    (655 | ) |
| Other current liabilities                 |     |   |  (2,383 | ) |
| Deferred tax liabilities, net             |     |   |  (1,043 | ) |
| Total purchase consideration              |     | $ | 100,065 |   |

The fair value of consideration transferred was approximately $100.1 million, subject to customary adjustments, consisting of $10.2 million in cash. including a purchase price adjustment of $0.3 million, and approximately 2.9 million Class A common stock. The intangible assets acquired consist of developed technology of $1.7 million and customer relationships of $2.8 million and were each assigned useful lives of 2 years. The fair value of the customer relationships were determined using the income approach, and the developed technology was determined using the cost approach. These valuations are considered Level 3 fair value measurements due to the use of unobservable inputs including projected timing and amounts of future revenues, cash flows, discount rates and current replacement costs. The excess of the