Company: CRCL
Filing Date: 2025-06-02
Form Type: S-1/A
Source: 0001193125-25-132755
Chunk: 10

Company: Circle Internet Group, Inc.
Filing Date: 2025-06-02
Form: S-1/A
Chunk 10
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 resilience and allowed us to become a strong and thriving business in a short period of time. With just $15.4 million in revenue in 2020, we grew to $84.9 million in revenue and reserve income in 2021, $772.0 million in revenue and reserve income in 2022, $1.5 billion in revenue and reserve income in 2023, and $1.7 billion in revenue and reserve income in 2024. In 2024, we reported $155.7 million in net income and $284.9 million in Adjusted EBITDA. In the first quarter of 2025, we reported $64.8 million in net income and $122.4 million in Adjusted EBITDA. As of March 31, 2025, we had total liquidity sources of $1.1 billion, which consisted of $848.6 million in cash and cash equivalents and $274.5 million in cash and cash equivalents segregated for corporate-held stablecoins. During this time, we have also built a team with diverse and global backgrounds, spanning more than a dozen countries and more than 35 U.S. states and territories. This team heralds from leading internet, technology, and financial services firms, and we believe brings the necessary skills to build this new internet financial system. Circle is a product- and technology-led company, and we have made and will continue to make significant investments in product and technology development and build long-term value in the market. 3

Becoming a public company

In many respects, Circle has for a long time been under intense public scrutiny—the demands of operating an always-on,
regulated digital dollar infrastructure require that Circle operates with high levels of transparency—as well as significant regulatory supervision by government agencies spanning the United States and the world. As a global institution, we
take our role and responsibility as a steward of financial assets incredibly seriously.

For Circle, becoming a publicly traded corporation on the New York Stock
Exchange is a continuation of our desire to operate with the greatest transparency and accountability possible. We are building what we believe to be critical infrastructure for the financial system, and we seek to work with leading companies and
governments around the world in shaping and building this new internet financial system. Operating as a U.S.-listed public company represents our continued dedication to transparency and accountability, as we will become subject to the reporting,
corporate governance, and other requirements that are applicable to a public company listed on the New York Stock Exchange