# EDGAR Filing Document

**Accession Number:** 0001876042
**File Stem:** 0000950103-25-007013
**Filing Date:** 2025-6
**Character Count:** 32884
**Document Hash:** 585d6f6713db9057f05492e2d59f6897
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-007013.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0000950103-25-007013

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20250604

**EFFECTIVENESS DATE**: 20250604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Circle Internet Group, Inc.
- **CENTRAL INDEX KEY:** 0001876042
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 992840247
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287787
- **FILM NUMBER:** 251024193

**BUSINESS ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007
- **BUSINESS PHONE:** (332) 334-0660

**MAIL ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Circle Internet Financial Ltd
- **DATE OF NAME CHANGE:** 20231025

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Circle Internet Finance Public Ltd Co
- **DATE OF NAME CHANGE:** 20211101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CIrcle Acquisition Public Ltd Co
- **DATE OF NAME CHANGE:** 20210730

**As filed with the Securities and Exchange Commission on June 4, 2025**

**Registration No. 333-_______**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

________________

**FORM S-8**

**REGISTRATION STATEMENT UNDER**

**THE SECURITIES ACT OF 1933**

________________

**Circle Internet Group, Inc.**

(Exact Name of Registrant as Specified in Its Charter)

---

| | |
|:---|:---|
| **Delaware** | **99-2840247** |
| (State or Other Jurisdiction of<br> Incorporation or Organization)<br>| (I.R.S. Employer Identification No.)<br>|
| **One World Trade Center New York, NY 10007**<br> **(332) 334-0660** | **10007** |
| (Address of Principal Executive Offices) | (Zip Code)<br>|

---

**Circle Internet Financial Limited Share Award Scheme<br> Circle Internet Group, Inc. Share Award Plan<br> Circle Internet Group, Inc. 2025 Omnibus Incentive Plan<br> Circle Internet Group, Inc. 2025 Employee Stock Purchase Plan**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Full Title of the Plans)

**Jeremy Allaire**

**Chairman and Chief Executive Officer**

**Circle Internet Group, Inc.**

**One World Trade Center New York, NY 10007**<br> (Name and Address of Agent For Service)

**(332) 334-0660**

(Telephone Number, Including Area Code, of Agent for Service)

___________________

*Copies to:*

---

| | |
|:---|:---|
| **Richard D. Truesdell, Jr.<br> Daniel P. Gibbons**<br> **Davis Polk & Wardwell LLP**<br> **450 Lexington Avenue**<br> **New York, NY 10017**<br> **(212) 450-4000** | **Sarah K. Wilson**<br> **General Counsel & Corporate Secretary**<br> **Circle Internet Group, Inc.**<br> **One World Trade Center**<br> **New York, NY 10007**<br> **(332) 334-0660** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer □ Accelerated filer □ <br> Non-accelerated filer ⌧ (Do not check if a smaller reporting company) Smaller reporting company □ <br> Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. □

**PART I** 

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The information specified in Item 1 and Item 2 of Part I of Form S-8 is omitted from this Registration Statement on Form S-8 (this "Registration Statement") in accordance with the provisions of Rule 428 under the Securities Act of 1933, as amended (the "Securities Act"), and the introductory note to Part I of the Form S-8 instructions. The documents containing the information specified in Part I will be delivered to the participants in the plans as required by Rule 428(b)(1).

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents filed by Circle Internet Group, Inc. (the "Registrant") with the Securities and Exchange Commission (the "Commission") pursuant to the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), are incorporated by reference herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Registration Statement on Form S-1/A filed by the Registrant with the Commission on May 27, 2025 (File No. [333-286310](https://www.sec.gov/Archives/edgar/data/1876042/000119312525126208/d737521ds1a.htm)), which contains the Registrant's audited financial statements for the latest fiscal year for which such financial statements have been filed (including any schedules appended thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Registrant's prospectus to be filed by the Registrant with the Commission pursuant to Rule 424(b) under the Securities Act, relating to the Registrant's Registration Statement on Form S-1/A filed by the Registrant with the Commission on May 27, 2025 (File No. [333-286310](https://www.sec.gov/Archives/edgar/data/1876042/000119312525126208/d737521ds1a.htm)), including any amendments or supplements thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The description of the Registrant's capital stock which is contained in the Registrant's Registration Statement on Form 8-A (File No. [001-42671](https://www.sec.gov/Archives/edgar/data/1876042/000095010325006419/dp228205_8a12b.htm)), filed by the Registrant with the Commission on May 27, 2025, including any amendments or supplements thereto.

In addition, all documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this Registration Statement and prior to the filing of a post-effective amendment that indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, are incorporated by reference in this Registration Statement and are a part hereof from the date of filing of such documents; except as to any portion of any future annual or quarterly report to stockholders or document or current report furnished under current Items 2.02 or 7.01 of Form 8-K that is not deemed filed under such provisions. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

Section 145 of the Delaware General Corporation Law (the "DGCL") provides that a corporation may indemnify directors and officers as well as other employees and individuals against expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by such person in connection with any threatened, pending, or completed actions, suits, or proceedings in which such person is made a party by reason of such person being or having been a director, officer, employee, or agent to the registrant. The DGCL provides that Section 145 is not exclusive of other rights to which those seeking indemnification may be entitled under any bylaw, agreement, vote of stockholders, or disinterested directors or otherwise. The Registrant's certificate of incorporation provides for indemnification by the Registrant of its directors and officers to the fullest extent permitted by the DGCL. The Registrant has entered into indemnification agreements with each of its current directors and executive officers to provide these directors and executive officers additional contractual assurances regarding the scope of the indemnification set forth in the Registrant's certificate of incorporation and to provide additional procedural protections.

Section 102(b)(7) of the DGCL permits a corporation to provide in its certificate of incorporation that a director or officer of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except for (i) a director's or officer's breach of the director's or officer's duty of loyalty to the Registrant or its stockholders, (ii) a director's or officer's act or omission not in good faith or which involved intentional misconduct or a knowing violation of law, (iii) a director's unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL, (iv) a director or officer for any transaction from which the director or officer derived an improper personal benefit, and (v) an officer in any action by or in the right of the Registrant. The Registrant's certificate of incorporation provides for exculpation of its directors and officers to the fullest extent permitted by the DGCL.

The Registrant maintains standard policies of insurance under which coverage is provided (a) to the Registrant's directors and officers against loss arising from claims made by reason of breach of duty or other wrongful act, and (b) to the Registrant with respect to payments which may be made by the Registrant to such officers and directors pursuant to the above indemnification provision or otherwise as a matter of law.

See also the Undertakings set forth in the response to Item 9 herein.

**Item 7. Exemption for Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 4.1 | Form of Amended and Restated Certificate of Incorporation of Circle Internet Group, Inc. (incorporated by reference from Exhibit [3.1](https://www.sec.gov/Archives/edgar/data/1876042/000119312525070481/d737521dex31.htm) to the Registrant's Registration Statement on Form S-1/A, filed on May 27, 2025 (File No. [333-286310](https://www.sec.gov/Archives/edgar/data/1876042/000119312525126208/d737521ds1a.htm))). |
| 4.2 | Form of Amended and Restated By-Laws of Circle Internet Group, Inc. (incorporated herein by reference from Exhibit [3.2](https://www.sec.gov/Archives/edgar/data/1876042/000119312525070481/d737521dex32.htm) to the Registrant's Registration Statement on Form S-1/A, filed on May 27, 2025 (File No. [333-286310](https://www.sec.gov/Archives/edgar/data/1876042/000119312525126208/d737521ds1a.htm))). |
| [5.1\*](dp229528_ex0501.htm) | [Opinion of Davis Polk & Wardwell LLP.](dp229528_ex0501.htm) |
| [23.1\*](dp229528_ex2301.htm) | [Consent of Deloitte & Touche LLP, independent registered public accounting firm for Circle Internet Group, Inc.](dp229528_ex2301.htm) |
| [23.2\*](dp229528_ex2302.htm) | [Consent of Deloitte & Touche LLP, independent registered public accounting firm for Circle Reserve Fund.](dp229528_ex2302.htm) |
| [23.3\*](dp229528_ex0501.htm) | [Consent of Davis Polk & Wardwell LLP (included in Exhibit 5.1).](dp229528_ex0501.htm) |
| [24.1\*](#a_001) | [Power of Attorney (included in signature page hereof).](#a_001) |
| 99.1 | Circle Internet Financial Limited Share Award Scheme (incorporated by reference from Exhibit [10.9](https://www.sec.gov/Archives/edgar/data/1876042/000119312525070481/d737521dex109.htm) to the Registrant's Registration Statement on Form S-1/A, filed on May 27, 2025 (File No. [333-286310](https://www.sec.gov/Archives/edgar/data/1876042/000119312525126208/d737521ds1a.htm))). |

---

---

| | |
|:---|:---|
| 99.2 | Circle Internet Group, Inc. Share Award Plan (incorporated by reference from Exhibit [10.10](https://www.sec.gov/Archives/edgar/data/1876042/000119312525126208/d737521dex1010.htm) to the Registrant's Registration Statement on Form S-1/A, filed on May 27, 2025 (File No. [333-286310](https://www.sec.gov/Archives/edgar/data/1876042/000119312525126208/d737521ds1a.htm))). |
| 99.3 | Circle Internet Group, Inc. 2025 Omnibus Incentive Plan (incorporated by reference from Exhibit [10.11](https://www.sec.gov/Archives/edgar/data/1876042/000119312525070481/d737521dex1011.htm) to the Registrant's Registration Statement on Form S-1/A, filed on May 27, 2025 (File No. [333-286310](https://www.sec.gov/Archives/edgar/data/1876042/000119312525126208/d737521ds1a.htm))). |
| 99.4 | Circle Internet Group, Inc. 2025 Employee Stock Purchase Plan (incorporated by reference from Exhibit [10.12](https://www.sec.gov/Archives/edgar/data/1876042/000119312525070481/d737521dex1012.htm) to the Registrant's Registration Statement on Form S-1/A, filed on May 27, 2025 (File No. [333-286310](https://www.sec.gov/Archives/edgar/data/1876042/000119312525126208/d737521ds1a.htm))). |
| [107\*](dp229528_exfilingfees.htm) | [Filing Fee Table](dp229528_exfilingfees.htm) |

---

\* Filed herewith.

**Item 9. Undertakings.**

(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Table" set forth in Exhibit 107 to this Registration Statement;

(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

*provided*, *however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in New York City, New York, on June 4, 2025.

---

| | | |
|:---|:---|:---|
| CIRCLE INTERNET GROUP, INC. | CIRCLE INTERNET GROUP, INC. | CIRCLE INTERNET GROUP, INC. |
| By: | /s/ Jeremy Allaire | /s/ Jeremy Allaire |
|  | Name: | Jeremy Allaire |
|  | Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY AND SIGNATURES**

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned hereby constitutes and appoints Jeremy Allaire, Jeremy Fox-Geen, Heath Tarbert, Sarah K. Wilson and each of them, the true and lawful attorneys-in-fact of the undersigned, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any or all amendments to this Registration Statement, including post-effective amendments, and registration statements filed pursuant to Rules 413 or 462 under the Securities Act of 1933, and to file or cause to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys or attorneys-in-fact or any of them or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons on the dates and in the capacities indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Jeremy Allaire |  |  |
| Jeremy Allaire<br>| Chief Executive Officer and Chairman<br> (Principal Executive Officer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 4, 2025 |
| /s/ Jeremy Fox-Geen |  |  |
| Jeremy Fox-Geen<br>| Chief Financial Officer <br> (Principal Financial Officer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 4, 2025 |
| /s/ Tamara Schulz |  |  |
| Tamara Schulz<br>| Chief Accounting Officer <br> (Principal Accounting Officer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 4, 2025 |
| /s/ Craig Broderick |  |  |
| Craig Broderick<br>| Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 4, 2025 |
| /s/ M. Michele Burns |  |  |
| M. Michele Burns<br>| Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 4, 2025 |
| /s/ Rajeev Date |  |  |
| Rajeev Date<br>| Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 4, 2025 |
| /s/ Bradley Horowitz |  |  |
| Bradley Horowitz<br>| Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 4, 2025 |
| /s/ P. Sean Neville |  |  |
| P. Sean Neville<br>| Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 4, 2025 |
| /s/ David Orfao |  |  |
| David Orfao<br>| Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 4, 2025 |
| /s/ Danita Ostling |  |  |
| Danita Ostling<br>| Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 4, 2025 |

---

## Exhibit 5.1

---

| | |
|:---|:---|
| ![](ex0501_001.jpg) | Davis Polk & Wardwell llp<br> 450 Lexington Avenue<br> New York, NY 10017<br> davispolk.com<br>|

---

June 4, 2025

**Exhibit 5.1 and 23.3**

Circle Internet Group, Inc.<br> One World Trade Center<br> New York, NY 10007

Ladies and Gentlemen:

We have acted as counsel for Circle Internet Group, Inc., a Delaware corporation (the "**Company**"), in connection with the preparation and filing of a registration statement on Form S-8 (the "**Registration Statement**") with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "**Securities Act**"), for the purpose of registering under the Securities Act (i) 18,066,485 shares of Class A common stock, par value $0.0001 per share (the "**Class A Common Stock**"), issuable pursuant to stock options outstanding under the Circle Internet Financial Limited Share Award Scheme (the "**Share Award Scheme**"), (ii) 16,717,112 shares of Class A Common Stock issuable pursuant to restricted stock units ("**RSUs**") outstanding under the Share Award Scheme, (iii) 7,639,676 shares of Class A Common Stock issuable pursuant to RSUs outstanding under the Circle Internet Group, Inc. Share Award Plan (the "**Share Award Plan**"), (iv) 28,265,461 shares of Class A Common Stock reserved for issuance under the Circle Internet Group, Inc. 2025 Omnibus Incentive Plan (the "**Omnibus Incentive Plan**"), (v) 5,653,090 shares of Class A Common Stock reserved for issuance under the Circle Internet Group, Inc. 2025 Employee Stock Purchase Plan (the "**ESPP**," and together with the Share Award Scheme, the Share Award Plan and the Omnibus Incentive Plan, the "**Plans**"), (vi) 3,582,084 shares of Class B common stock, par value $0.0001 per share (the "**Class B Common Stock**") issuable pursuant to stock options outstanding under the Share Award Scheme, (vii) 533,484 shares of Class B Common Stock issuable pursuant to RSUs outstanding under the Share Award Scheme and (viii) 295,891 shares of Class B Common Stock issuable pursuant to RSUs outstanding under the Share Award Plan.

As such counsel, we have made such legal and factual examination and inquiries as we have deemed necessary or appropriate for purposes of this opinion and have made such additional assumptions as are set forth below. This opinion is furnished pursuant to the requirements of Item 601(b)(5) of Regulation S-K.

We, as the Company's counsel, have examined originals or copies of such documents, corporate records and other instruments and such matters of fact and law as we have deemed necessary or advisable for the purposes of rendering the opinion expressed herein.

In rendering the opinion expressed herein, we have, without independent inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete, (ii) all documents submitted to us as copies conform to authentic, complete originals, (iii) all signatures on all documents that we reviewed are genuine, (iv) all natural persons executing documents had and have the legal capacity to do so, (v) all statements in certificates of public officials and officers of the Company that we reviewed were and are accurate and (vi) all representations made by the Company as to matters of fact in the documents that we reviewed were and are accurate.

Upon the basis of the foregoing, we are of the opinion that the Class A Common Stock and Class B Common Stock issuable pursuant to the Plans has been duly authorized and, when and to the extent

![](ex0501_001.jpg)

issued in accordance with the terms of the Plans, will be legally and validly issued, fully paid and non-assessable.

This opinion is given as of the date hereof. We assume no obligation to update or supplement this opinion to reflect any facts or circumstances which may hereafter come to our attention or any changes in laws which may hereafter occur.

This opinion letter is provided to the Securities and Exchange Commission for use solely in connection with the transactions contemplated by the Registration Statement and may not be used, circulated, quoted or otherwise relied upon by any other person or for any other purpose without express written consent.

We are members of the Bar of the State of New York, and the foregoing opinion is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and further consent to our name under the caption "Legal Matters" in the prospectus included in the Registration Statement. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

Very truly yours,

<u>/s/ Davis Polk & Wardwell LLP</u>

Davis Polk & Wardwell LLP

June 4, 2025 2

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated March 31, 2025, relating to the financial statements of Circle Internet Group, Inc. and subsidiaries, appearing in Registration Statement No. 333-286310 on Form S-1 of Circle Internet Group, Inc. for the year ended December 31, 2024.

/s/ Deloitte & Touche LLP

New York, New York

June 4, 2025

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated June 24, 2024, relating to the financial statements and financial highlights of Circle Reserve Fund of BlackRock FundsSM (the "Fund") appearing in this Annual Report on Form N-CSR for the year ended April 30, 2024.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 4, 2025

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Table**

<u>Form S-8</u>

(Form Type)

<u>Circle Internet Group, Inc.</u>

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Fee Calculation Rule** | **Amount Registered<sup>(1)</sup>** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee<sup>(6)</sup>** |
| Equity | Class A common stock, par value $0.0001 per share ("Class A Common Stock"), issuable pursuant to stock options outstanding under the Circle Internet Financial Limited Share Award Scheme | Rule 457(h) | 18066485<sup>(2)(3)</sup>$9.69<sup>(4)</sup> | $175064239.65 | 0.00015310 | $26802.34 |
| Equity | Class A Common Stock issuable pursuant to restricted stock units outstanding under the Circle Internet Financial Limited Share Award Scheme | Rule 457(c) and 457(h) | 16717112<sup>(2)(3)</sup>$31.00<sup>(5)</sup> | $518230472.00 | 0.00015310 | $79341.09 |
| Equity | Class A Common Stock issuable pursuant to restricted stock units outstanding under the Circle Internet Group, Inc. Share Award Plan | Rule 457(c) and 457(h) | 7639676<sup>(3)</sup>$31.00<sup>(5)</sup> | $236829956.00 | 0.00015310 | $36258.67 |
| Equity | Class A Common Stock reserved for issuance under the Circle Internet Group, Inc. 2025 Omnibus Incentive Plan | Rule 457(c) and 457(h) | 28265461$31.00<sup>(5)</sup> | $876229291.00 | 0.00015310 | $134150.70 |
| Equity | Class A Common Stock reserved for issuance under the Circle Internet Group, Inc. 2025 Employee Stock Purchase Plan | Rule 457(c) and 457(h) | 5653090$31.00<sup>(5)</sup> | $175245790.00 | 0.00015310 | $26830.13 |
| Equity | Class B common stock, par value $0.0001 per share ("Class B Common Stock"), issuable pursuant to stock options outstanding under the Circle Internet Financial Limited Share Award Scheme | Rule 457(h) | 3582084<sup>(2)(3)</sup>$4.26<sup>(4)</sup> | $15259677.84 | 0.00015310 | $2336.26 |
| Equity | Class B Common Stock issuable pursuant to restricted stock units outstanding under the Circle Internet Financial Limited Share Award Scheme | Rule 457(c) and 457(h) | 533484<sup>(2)(3)</sup>$31.00<sup>(5)</sup> | $16538004.00 | 0.00015310 | $2531.97 |
| Equity | Class B Common Stock issuable pursuant to restricted stock units outstanding under the Circle Internet Group, Inc. Share Award Plan | Rule 457(c) and 457(h) | 295891<sup>(3)</sup>$31.00<sup>(5)</sup> | $9172621.00 | 0.00015310 | $1404.33 |
| **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | $2022570051.49 |  | $309655.47 |
| **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |
| **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  | $309655.47 |

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(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"),
this registration statement (the "Registration Statement") shall also cover any additional shares of Class A Common Stock
or Class B Common Stock that become issuable under the Circle Internet Financial Limited Share Award Scheme, as amended (the "Share
Award Scheme"), the Circle Internet Group, Inc. Share Award Plan, as amended (the "Share Award Plan"), the Circle Internet
Group, Inc. 2025 Omnibus Incentive Plan (the "2025 Plan"), and the Circle Internet Group, Inc. 2025 Employee Stock Purchase
Plan (the "ESPP") as a result of any stock dividend, stock split, recapitalization, or other similar transaction.

(2) Pursuant to an assumption agreement between Circle Internet Financial Limited ("Circle Ireland")
and the Registrant, any stock options and restricted stock units ("RSUs") outstanding under the Share Award Scheme with respect
to voting ordinary shares of Circle Ireland will be exercised for or settled in, as applicable, shares of Class A Common Stock or shares
of Class B Common Stock, as applicable, issued by the Registrant.

(3) With respect to any stock options or RSUs outstanding under the Share Award Scheme or Share Award Plan,
any shares (i) covered by any such award that is forfeited, cancelled, expires, terminates or otherwise lapses or settled in cash without
the delivery of shares, (ii) withheld in respect of taxes relating to such award, or (iii) tendered or withheld to pay the exercise price
of options, will again become available for issuance under the 2025 Plan.

(4) Estimated in accordance with Rule 457(h) under the Securities Act solely for the purpose of calculating
the registration fee on the basis of the weighted-average exercise price of the stock options outstanding under the Share Award Scheme
and the Circle Internet Group, Inc. Share Award Plan, respectively.

(5) Estimated solely for the purpose of determining the registration fee pursuant to Rules 457(c) and (h)
under the Securities Act, based upon the initial offering price per share of Class A Common Stock pursuant to the Registrant's Registration
Statement on Form S-1/A (File No. [333-286310](https://www.sec.gov/Archives/edgar/data/1876042/000119312525126208/d737521ds1a.htm)),
declared effective on June 4, 2025.

(6) Rounded up to the nearest cent.