Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 144

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 144
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, 2024, primarily due to a $6.2 million increase in contributions and a $3.5 million increase in travel and entertainment costs due to Company events and associated travel expenses.

Depreciation and amortization expenses. Depreciation and amortization expenses increased by $3.9 million, or 16.0%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to a $5.1 million increase in amortization expense of internally developed software, offset by a $1.3 million decrease in amortization expense of acquired intangible assets.

IT infrastructure costs. IT infrastructure costs increased $3.2 million, or 24.4%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to a $3.7 million increase in software licenses to support infrastructure build-out and enhanced product offerings.

Marketing expenses. Marketing expenses increased by $5.3 million, or 82.3%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by $6.1 million increased spending in marketing, sponsorship campaigns and advertising expenses, offset by a decrease of $0.8 million in conference expenses.

Digital assets (gains) losses. Digital assets (gains) losses changed by $7.0 million, or 486.2%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to a change in the prices of digital assets driven by market fluctuations.

Other (expense) income, net. Other (expense) income, net changed by $186.0 million, or 827.5% for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to a $167.6 million increase in the fair value of our convertible debt driven by an increase in the price of our Class A common stock.**

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Income tax (benefit) expense. Income tax (benefit) expense decreased by $22.3 million, or 51.4% for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The decrease was primarily