Schedule 13G disclosure by IDG-related entities and individuals reports an aggregate 10.1% ownership of Circle Internet Group (Class A). The filing shows an aggregate of 20,947,536 shares of Class A common stock tied to six reporting persons: Chuang Xi Capital Limited; IDG-Accel China Capital GP II Associates Ltd.; Wide Palace Limited; IDG China Capital Fund GP III Associates Ltd.; Chi Sing Ho; and Quan Zhou. The statement breaks down record holdings as 7,738,839 shares held of record by Chuang Xi Capital Limited and 13,208,697 shares held of record by Wide Palace Limited, and reports corresponding sole and shared voting and dispositive powers for the reporting entities. The percent ownership is calculated using 207,650,578 shares outstanding after the issuer's public offering (assuming full exercise of the underwriters' overallotment option). The filing lists the relevant CUSIP 172573107, the event date 06/30/2025, and signatures dated 08/12/2025.
Positive
Material ownership disclosed: Aggregate 20,947,536 shares (10.1%) of Class A common stock is clearly reported.
Detailed breakdown: Reporting pages specify record holdings of 7,738,839 and 13,208,697 shares and list sole/shared voting and dispositive powers.
Basis for percentage disclosed: Percent calculated using 207,650,578 shares outstanding after the issuer's public offering (assuming full exercise of overallotment).
Joint filing and signatures: Joint filing agreement noted and signatures from authorized signatories are included with dates.
Negative
None.
Insights
TL;DR: IDG-related entities disclose a material 10.1% stake (20.95M shares) in Circle Internet Group; an important ownership disclosure for investors.
The Schedule 13G provides a clear, itemized ownership picture: aggregate beneficial ownership of 20,947,536 shares representing 10.1% of Class A stock based on the prospectus outstanding share count of 207,650,578. The filing distinguishes record holdings between two holding entities (7,738,839 and 13,208,697 shares) and reports both sole and shared voting/dispositive powers across the reporting persons. For market participants, this is a material ownership disclosure because a >10% block is large enough to affect shareholder voting dynamics and supply of freely tradable shares, but the filing itself does not state any intent to influence control or engage in activist actions.
TL;DR: Related IDG entities and two individuals jointly report shared voting and dispositive power over 10.1% of CRCL, highlighting concentrated insider-aligned ownership.
The report documents relationships among the reporting entities: the filing states that certain entities are ultimate general partners of the holding entities and that Chi Sing Ho and Quan Zhou are directors and shareholders of those GP entities. Both individuals are reported with 0 sole and 20,947,536 shared voting and dispositive power. From a governance perspective, the disclosure shows concentrated economic interest among affiliated entities and named individuals, which is material information for investors assessing shareholder composition and potential coordinated voting.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
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)
06/30/2025
(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
7,738,839.00
6
Shared Voting Power
13,208,697.00
7
Sole Dispositive Power
7,738,839.00
8
Shared Dispositive Power
13,208,697.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
20,947,536.00
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)
10.1 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: (1) The value in rows 5 and 7 represents 7,738,839 shares of Class A common stock held of record by Chuang Xi Capital Limited as of June 30, 2025.
(2) The value in rows 6 and 8 represents 13,208,697 shares of Class A common stock held of record by Wide Palace Limited as of June 30, 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 207,650,578 shares of Class A common stock outstanding immediately after the Issuer's public offering as disclosed in its prospectus filed with the Securities Exchange and Commission on June 5, 2025 (assuming full exercise of the underwriters' overallotment option to purchase additional shares).
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
7,738,839.00
6
Shared Voting Power
13,208,697.00
7
Sole Dispositive Power
7,738,839.00
8
Shared Dispositive Power
13,208,697.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
20,947,536.00
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)
10.1 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: (1) The value in rows 5 and 7 represents 7,738,839 shares of Class A common stock held of record by Chuang Xi Capital Limited as of June 30, 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 13,208,697 shares of Class A common stock held of record by Wide Palace Limited as of June 30, 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 207,650,578 shares of Class A common stock outstanding immediately after the Issuer's public offering as disclosed in its prospectus filed with the Securities Exchange and Commission on June 5, 2025 (assuming full exercise of the underwriters' overallotment option to purchase additional shares).
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
13,208,697.00
6
Shared Voting Power
7,738,839.00
7
Sole Dispositive Power
13,208,697.00
8
Shared Dispositive Power
7,738,839.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
20,947,536.00
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)
10.1 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: (1) The value in rows 5 and 7 represents 13,208,697 shares of Class A common stock held of record by Wide Palace Limited as of June 30, 2025.
(2) The value in rows 6 and 8 represents 7,738,839 shares of Class A common stock held of record by Chuang Xi Capital Limited as of June 30, 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 207,650,578 shares of Class A common stock outstanding immediately after the Issuer's public offering as disclosed in its prospectus filed with the Securities Exchange and Commission on June 5, 2025 (assuming full exercise of the underwriters' overallotment option to purchase additional shares).
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
13,208,697.00
6
Shared Voting Power
7,738,839.00
7
Sole Dispositive Power
13,208,697.00
8
Shared Dispositive Power
7,738,839.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
20,947,536.00
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)
10.1 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: (1) The value in rows 5 and 7 represents 13,208,697 shares of Class A common stock held of record by Wide Palace Limited as of June 30, 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 7,738,839 shares of Class A common stock held of record by Chuang Xi Capital Limited as of June 30, 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 207,650,578 shares of Class A common stock outstanding immediately after the Issuer's public offering as disclosed in its prospectus filed with the Securities Exchange and Commission on June 5, 2025 (assuming full exercise of the underwriters' overallotment option to purchase additional shares).
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
20,947,536.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
20,947,536.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
20,947,536.00
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)
10.1 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: (1) The value in rows 6 and 8 represents (i) 7,738,839 shares of Class A common stock held of record by Chuang Xi Capital Limited, and (ii) 13,208,697 shares of Class A common stock held of record by Wide Palace Limited, each as of June 30, 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 207,650,578 shares of Class A common stock outstanding immediately after the Issuer's public offering as disclosed in its prospectus filed with the Securities Exchange and Commission on June 5, 2025 (assuming full exercise of the underwriters' overallotment option to purchase additional shares).
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
20,947,536.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
20,947,536.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
20,947,536.00
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)
10.1 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: (1) The value in rows 6 and 8 represents (i) 7,738,839 shares of Class A common stock held of record by Chuang Xi Capital Limited, and (ii) 13,208,697 shares of Class A common stock held of record by Wide Palace Limited, each as of June 30, 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 207,650,578 shares of Class A common stock outstanding immediately after the Issuer's public offering as disclosed in its prospectus filed with the Securities Exchange and Commission on June 5, 2025 (assuming full exercise of the underwriters' overallotment option to purchase additional shares).
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.
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.
What percentage of Circle Internet Group (CRCL) is reported in this Schedule 13G?
The filing reports 10.1% of Class A common stock, representing 20,947,536 shares.
Which entities and individuals filed the Schedule 13G for CRCL?
Reporting persons are Chuang Xi Capital Limited, IDG-Accel China Capital GP II Associates Ltd., Wide Palace Limited, IDG China Capital Fund GP III Associates Ltd., Chi Sing Ho, and Quan Zhou.
How was the percent ownership calculated in the filing?
The percent (10.1%) is calculated using 207,650,578 shares outstanding immediately after the issuer's public offering, assuming full exercise of the underwriters' overallotment option.
How are voting and dispositive powers reported for the named individuals?
Both Chi Sing Ho and Quan Zhou are reported with 0 sole and 20,947,536 shared voting power and 0 sole and 20,947,536 shared dispositive power.
What are the record holdings reported for the filing entities?
The filing shows 7,738,839 shares held of record by Chuang Xi Capital Limited and 13,208,697 shares held of record by Wide Palace Limited.
What are the CUSIP and relevant dates in the filing?
The CUSIP is 172573107; the event date requiring the filing is 06/30/2025, and the signatures on the filing are dated 08/12/2025.
