Circle Internet Group, Inc. received an updated ownership report from a group of IDG-affiliated investment entities. They report beneficial ownership of 18,581,540 shares of Circle’s Class A common stock, representing 8.6% of the class as of December 31, 2025.
The shares are held of record by Chuang Xi Capital Limited with 7,308,170 shares and Wide Palace Limited with 11,273,370 shares. IDG-Accel China Capital GP II Associates Ltd. and IDG China Capital Fund GP III Associates Ltd. are described as ultimate general partners of the holding entities, and individuals Chi Sing Ho and Quan Zhou are directors and shareholders of both general partners.
Because of these relationships, the entities and individuals may be deemed to share voting and dispositive power over the 18,581,540 shares, calculated using 216,487,160 shares of Class A common stock outstanding as of November 6, 2025. Each reporting person disclaims beneficial ownership except to the extent of its pecuniary interest.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Circle Internet Group, Inc.
(Name of Issuer)
Class A common stock, par value US$0.0001 per share
(Title of Class of Securities)
172573107
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
172573107
1
Names of Reporting Persons
Chuang Xi Capital Ltd
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
HONG KONG
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
7,308,170.00
6
Shared Voting Power
11,273,370.00
7
Sole Dispositive Power
7,308,170.00
8
Shared Dispositive Power
11,273,370.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,581,540.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.6 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: (1) The value in rows 5 and 7 represents 7,308,170 shares of Class A common stock held of record by Chuang Xi Capital Limited as of December 31, 2025.
(2) The value in rows 6 and 8 represents 11,273,370 shares of Class A common stock held of record by Wide Palace Limited as of December 31, 2025. IDG China Capital Fund GP III Associates Ltd. is the ultimate general partner of the holding entities of Wide Palace Limited. IDG-Accel China Capital GP II Associates Ltd. is the ultimate general partner of the holding entities of Chuang Xi Capital Limited. Chi Sing Ho and Quan Zhou are directors and shareholders of both IDG China Capital Fund GP III Associates Ltd. and IDG-Accel China Capital GP II Associates Ltd. By virtue of such relationship, Chuang Xi Capital Limited may be deemed to have shared voting and dispositive power with respect to these shares.
(3) Percent of class represented by amount in row (9) is calculated based on 216,487,160 shares of Class A common stock outstanding as of November 6, 2025, as disclosed in the Issuer's quarterly report on Form 10-Q for the quarter ended September 30, 2025, filed with filed with the Securities Exchange and Commission on November 12, 2025.
SCHEDULE 13G
CUSIP No.
172573107
1
Names of Reporting Persons
IDG-Accel China Capital GP II Associates Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
7,308,170.00
6
Shared Voting Power
11,273,370.00
7
Sole Dispositive Power
7,308,170.00
8
Shared Dispositive Power
11,273,370.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,581,540.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.6 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: (1) The value in rows 5 and 7 represents 7,308,170 shares of Class A common stock held of record by Chuang Xi Capital Limited as of December 31, 2025. By virtue of being the ultimate general partner of the holding entities of Chuang Xi Capital Limited, IDG-Accel China Capital GP II Associates Ltd. may be deemed to have sole voting and dispositive power with respect to these shares.
(2) The value in rows 6 and 8 represents 11,273,370 shares of Class A common stock held of record by Wide Palace Limited as of December 31, 2025. IDG China Capital Fund GP III Associates Ltd. is the ultimate general partner of the holding entities of Wide Palace Limited. Chi Sing Ho and Quan Zhou are directors and shareholders of both IDG China Capital Fund GP III Associates Ltd. and IDG-Accel China Capital GP II Associates Ltd. By virtue of such relationship, IDG-Accel China Capital GP II Associates Ltd. may be deemed to have shared voting and dispositive power with respect to these shares.
(3) Percent of class represented by amount in row (9) is calculated based on 216,487,160 shares of Class A common stock outstanding as of November 6, 2025, as disclosed in the Issuer's quarterly report on Form 10-Q for the quarter ended September 30, 2025, filed with filed with the Securities Exchange and Commission on November 12, 2025.
SCHEDULE 13G
CUSIP No.
172573107
1
Names of Reporting Persons
Wide Palace Ltd
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
HONG KONG
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
11,273,370.00
6
Shared Voting Power
7,308,170.00
7
Sole Dispositive Power
11,273,370.00
8
Shared Dispositive Power
7,308,170.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,581,540.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.6 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: (1) The value in rows 5 and 7 represents 11,273,370 shares of Class A common stock held of record by Wide Palace Limited as of December 31, 2025.
(2) The value in rows 6 and 8 represents 7,308,170 shares of Class A common stock held of record by Chuang Xi Capital Limited as of December 31, 2025. IDG-Accel China Capital GP II Associates Ltd. is the ultimate general partner of the holding entities of Chuang Xi Capital Limited. IDG China Capital Fund GP III Associates Ltd. is the ultimate general partner of the holding entities of Wide Palace Limited. Chi Sing Ho and Quan Zhou are directors and shareholders of both IDG-Accel China Capital GP II Associates Ltd. and IDG China Capital Fund GP III Associates Ltd. By virtue of such relationship, Wide Palace Limited may be deemed to have shared voting and dispositive power with respect to these shares.
(3) Percent of class represented by amount in row (9) is calculated based on 216,487,160 shares of Class A common stock outstanding as of November 6, 2025, as disclosed in the Issuer's quarterly report on Form 10-Q for the quarter ended September 30, 2025, filed with filed with the Securities Exchange and Commission on November 12, 2025.
SCHEDULE 13G
CUSIP No.
172573107
1
Names of Reporting Persons
IDG China Capital Fund GP III Associates Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
11,273,370.00
6
Shared Voting Power
7,308,170.00
7
Sole Dispositive Power
11,273,370.00
8
Shared Dispositive Power
7,308,170.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,581,540.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.6 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: (1) The value in rows 5 and 7 represents 11,273,370 shares of Class A common stock held of record by Wide Palace Limited as of December 31, 2025. By virtue of being the ultimate general partner of the holding entities of Wide Palace Limited, IDG China Capital Fund GP III Associates Ltd. may be deemed to have sole voting and dispositive power with respect to these shares.
(2) The value in rows 6 and 8 represents 7,308,170 shares of Class A common stock held of record by Chuang Xi Capital Limited as of December 31, 2025. IDG-Accel China Capital GP II Associates Ltd. is the ultimate general partner of the holding entities of Chuang Xi Capital Limited. Chi Sing Ho and Quan Zhou are directors and shareholders of both IDG-Accel China Capital GP II Associates Ltd. and IDG China Capital Fund GP III Associates Ltd. By virtue of such relationship, IDG China Capital Fund GP III Associates Ltd. may be deemed to have shared voting and dispositive power with respect to these shares.
(3) Percent of class represented by amount in row (9) is calculated based on 216,487,160 shares of Class A common stock outstanding as of November 6, 2025, as disclosed in the Issuer's quarterly report on Form 10-Q for the quarter ended September 30, 2025, filed with filed with the Securities Exchange and Commission on November 12, 2025.
SCHEDULE 13G
CUSIP No.
172573107
1
Names of Reporting Persons
Ho Chi Sing
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
18,581,540.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
18,581,540.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,581,540.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.6 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: (1) The value in rows 6 and 8 represents (i) 7,308,170 shares of Class A common stock held of record by Chuang Xi Capital Limited, and (ii) 11,273,370 shares of Class A common stock held of record by Wide Palace Limited, each as of December 31, 2025. IDG-Accel China Capital GP II Associates Ltd. is the ultimate general partner of the holding entities of Chuang Xi Capital Limited, and IDG China Capital Fund GP III Associates Ltd. is the ultimate general partner of the holding entities of Wide Palace Limited. Chi Sing Ho and Quan Zhou are directors and shareholders of both IDG-Accel China Capital GP II Associates Ltd. and IDG China Capital Fund GP III Associates Ltd. By virtue of such relationship, Chi Sing Ho may be deemed to have shared voting and dispositive power with respect to these shares.
(2) Percent of class represented by amount in row (9) is calculated based on 216,487,160 shares of Class A common stock outstanding as of November 6, 2025, as disclosed in the Issuer's quarterly report on Form 10-Q for the quarter ended September 30, 2025, filed with filed with the Securities Exchange and Commission on November 12, 2025.
SCHEDULE 13G
CUSIP No.
172573107
1
Names of Reporting Persons
Zhou Quan
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
18,581,540.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
18,581,540.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,581,540.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.6 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: (1) The value in rows 6 and 8 represents (i) 7,308,170 shares of Class A common stock held of record by Chuang Xi Capital Limited, and (ii) 11,273,370 shares of Class A common stock held of record by Wide Palace Limited, each as of December 31, 2025. IDG-Accel China Capital GP II Associates Ltd. is the ultimate general partner of the holding entities of Chuang Xi Capital Limited, and IDG China Capital Fund GP III Associates Ltd. is the ultimate general partner of the holding entities of Wide Palace Limited. Quan Zhou and Chi Sing Ho are directors and shareholders of both IDG-Accel China Capital GP II Associates Ltd. and IDG China Capital Fund GP III Associates Ltd. By virtue of such relationship, Quan Zhou may be deemed to have shared voting and dispositive power with respect to these shares.
(2) Percent of class represented by amount in row (9) is calculated based on 216,487,160 shares of Class A common stock outstanding as of November 6, 2025, as disclosed in the Issuer's quarterly report on Form 10-Q for the quarter ended September 30, 2025, filed with filed with the Securities Exchange and Commission on November 12, 2025.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Circle Internet Group, Inc.
(b)
Address of issuer's principal executive offices:
ONE WORLD TRADE CENTER, NEW YORK, New York, 10007
Item 2.
(a)
Name of person filing:
1. Chuang Xi Capital Limited
2. IDG-Accel China Capital GP II Associates Ltd.
3. Wide Palace Limited
4. IDG China Capital Fund GP III Associates Ltd.
5. Chi Sing Ho
6. Quan Zhou
(b)
Address or principal business office or, if none, residence:
For all reporting persons:
Room 5505, 55/F, The Center
99 Queen's Road, Central
Hong Kong
(c)
Citizenship:
Each of Chuang Xi Capital Limited and Wide Palace Limited is organized under the laws of Hong Kong. Each of IDG-Accel China Capital GP II Associates Ltd. and IDG China Capital Fund GP III Associates Ltd. is organized under the laws of the Cayman Islands. Chi Sing Ho is a citizen of Canada. Quan Zhou is a citizen of the United States of America.
(d)
Title of class of securities:
Class A common stock, par value US$0.0001 per share
(e)
CUSIP No.:
172573107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information for each reporting person contained in Items 5-9 of the cover pages is incorporated herein by reference. Each of the reporting persons disclaims beneficial ownership of the reported securities except to the extent of their pecuniary interest in such securities.
(b)
Percent of class:
The information for each reporting person contained in Item 11 of the cover pages is incorporated herein by reference.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information for each reporting person contained in Item 5 of the cover pages is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information for each reporting person contained in Item 6 of the cover pages is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information for each reporting person contained in Item 7 of the cover pages is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information for each reporting person contained in Item 8 of the cover pages is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
How many Circle (CRCL) shares do the reporting holders beneficially own?
The reporting holders collectively report beneficial ownership of 18,581,540 shares of Circle’s Class A common stock. This figure combines 7,308,170 shares held by Chuang Xi Capital Limited and 11,273,370 shares held by Wide Palace Limited as of December 31, 2025.
What percentage of Circle (CRCL) Class A stock do these investors hold?
The group reports owning 8.6% of Circle’s Class A common stock. This percentage is calculated using 216,487,160 shares outstanding as of November 6, 2025, as disclosed in Circle’s Form 10-Q for the quarter ended September 30, 2025.
Which entities are the main record holders of Circle (CRCL) shares in this filing?
The main record holders are Chuang Xi Capital Limited with 7,308,170 shares and Wide Palace Limited with 11,273,370 shares, each as of December 31, 2025. Other reporting persons are upstream general partners and individuals linked through control relationships.
Who are the ultimate general partners linked to the Circle (CRCL) shareholdings?
The filing identifies IDG-Accel China Capital GP II Associates Ltd. as the ultimate general partner of entities holding Chuang Xi Capital Limited, and IDG China Capital Fund GP III Associates Ltd. as the ultimate general partner of entities holding Wide Palace Limited, creating indirect control relationships.
What roles do Chi Sing Ho and Quan Zhou play in the Circle (CRCL) ownership structure?
Individuals Chi Sing Ho and Quan Zhou are directors and shareholders of both IDG-Accel China Capital GP II Associates Ltd. and IDG China Capital Fund GP III Associates Ltd. Through these positions, they may be deemed to share voting and dispositive power over the reported shares.
Do the Circle (CRCL) reporting persons fully acknowledge beneficial ownership of all shares?
No. The filing states that each reporting person disclaims beneficial ownership of the reported securities except to the extent of their pecuniary interest. This means they only affirm economic interest, despite possible shared voting and dispositive power relationships.
