Circle Internet Group, Inc. Schedule 13G filed by multiple Accel entities discloses beneficial ownership of Class A common stock (CUSIP 172573107) following the issuer's IPO. The filing shows specific holdings for each reporting person: Accel XI L.P. (A11) owns 9,071,246 shares (4.4%); Accel XI Strategic Partners L.P. (A11SP) owns 681,548 shares (0.3%); Accel XI Associates L.L.C. (A11A) reports 9,752,794 shares (4.7%); Accel Investors (2013) L.L.C. (AI13) reports 963,385 shares (0.5%); Accel XIV L.P. (A14) reports 191,365 shares (0.1%); Accel XIV Strategic Partners L.P. (A14SP) reports 7,766 shares (0.0%); Accel XIV Associates L.L.C. (A14A) reports 199,131 shares (0.1%); and Accel XIV Investors (2019) L.L.C. (AI19) reports 10,215 shares (0.0%). Percentages are calculated using 207,650,578 shares outstanding after the IPO, per the issuer's prospectus. The filing also states that A11A and A14A, as general partners, may be deemed to have sole voting and dispositive power over the shares they are associated with. The filing lists the issuer's principal office as One World Trade Center, New York, and Accel's principal office as 500 University Avenue, Palo Alto.
Positive
A11A reports beneficial ownership of 9,752,794 shares (4.7%), the largest single reporting position disclosed on this Schedule 13G.
Filing clarifies voting and dispositive authority: A11A and A14A may be deemed to have sole power to vote and dispose of the shares under their respective partnerships/LLCs.
Negative
None.
Insights
TL;DR: Accel-affiliated entities report multiple sub-5% stakes in CRCL; A11A is the largest single reporting holder at 4.7%.
The Schedule 13G provides clear, itemized beneficial ownership by several Accel funds and affiliates, with percentages calculated on 207,650,578 Class A shares outstanding after the IPO. No single reporting person exceeds a 5% threshold, which means these are passive investor disclosures rather than Section 13(d) activist filings. The statement that certain general partners may be deemed to have sole voting and dispositive power clarifies who holds control rights for these positions. For investors, the filing documents institutional interest but does not, on its face, indicate an intent to influence corporate control.
TL;DR: Governance note: general partners A11A and A14A may exercise sole voting/dispositive power over reported shares.
The submission identifies the legal structure behind the holdings and explicitly states that A11A and A14A, as general partners, may be deemed to control the vote and disposition of associated shares. That attribution is important for disclosure purposes because it names who may legally exercise voting authority even when ownership is held through limited partnerships or LLCs. The filing is procedural and informational, providing percentage stakes and the mechanics of control without indicating any coordinated group action or plans affecting board composition or corporate strategy.
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 $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
Accel XI L.P. ("A11")
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
9,071,246.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
9,071,246.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,071,246.00
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)
4.4 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Note to Row 5: 9,071,246 shares, all of which are directly owned by A11. Accel XI Associates L.L.C. ("A11A"), the general partner of A11, may be deemed to have sole power to vote these shares.
Note to Row 6: See response to row 5.
Note to Row 7: 9,071,246 shares, all of which are directly owned by A11. A11A, the general partner of A11, may be deemed to have sole power to dispose of these shares.
Note to Row 8: See response to row 7.
Note to Row 11: Based on 207,650,578 shares of Class A common stock ("Common Stock") outstanding after the Issuer's initial public offering (including shares issued upon the full exercise by the underwriters of their option to purchase additional shares), as reported in the Issuer's prospectus on Form 424(b)(4) and filed with the Securities and Exchange Commission (the "Commission") on June 5, 2025 (the "Prospectus").
SCHEDULE 13G
CUSIP No.
172573107
1
Names of Reporting Persons
Accel XI Strategic Partners L.P. ("A11SP")
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
681,548.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
681,548.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
681,548.00
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)
0.3 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Note to Row 5: 681,548 shares, all of which are directly owned by A11SP. A11A, the general partner of A11SP, may be deemed to have sole power to vote these shares.
Note to Row 6: See response to row 5.
Note to Row 7: 681,548 shares, all of which are directly owned by A11SP. A11A, the general partner of A11SP, may be deemed to have sole power to dispose of these shares.
Note to Row 8: See response to row 7.
Note to Row 11: Based on 207,650,578 shares of Common Stock outstanding after the Issuer's initial public offering, as reported in the Prospectus.
SCHEDULE 13G
CUSIP No.
172573107
1
Names of Reporting Persons
Accel XI Associates L.L.C. ("A11A")
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
9,752,794.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
9,752,794.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,752,794.00
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)
4.7 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Note to Row 5: 9,752,794 shares, of which 9,071,246 are directly owned by A11, and 681,548 are directly owned by A11SP. A11A, the general partner of each of A11 and A11SP, may be deemed to have sole power to vote these shares.
Note to Row 6: See response to row 5.
Note to Row 7: 9,752,794 shares, of which 9,071,246 are directly owned by A11, and 681,548 are directly owned by A11SP. A11A, the general partner of each of A11 and A11SP, may be deemed to have sole power to dispose of these shares.
Note to Row 8: See response to row 7.
Note to Row 11: Based on 207,650,578 shares of Common Stock outstanding after the Issuer's initial public offering, as reported in the Prospectus.
SCHEDULE 13G
CUSIP No.
172573107
1
Names of Reporting Persons
Accel Investors (2013) L.L.C. ("AI13")
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
963,385.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
963,385.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
963,385.00
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)
0.5 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Note to Row 5: 963,385 shares, all of which are directly owned by AI13.
Note to Row 6: See response to row 5.
Note to Row 7: 963,385 shares, all of which are directly owned by AI13.
Note to Row 8: See response to row 7.
Note to Row 11: Based on 207,650,578 shares of Common Stock outstanding after the Issuer's initial public offering, as reported in the Prospectus.
SCHEDULE 13G
CUSIP No.
172573107
1
Names of Reporting Persons
Accel XIV L.P. ("A14")
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
191,365.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
191,365.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
191,365.00
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)
0.1 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Note to Row 5: 191,365 shares, all of which are directly owned by A14. Accel XIV Associates L.L.C. ("A14A"), the general partner of A14, may be deemed to have sole power to vote these shares.
Note to Row 6: See response to row 5.
Note to Row 7: 191,365 shares, all of which are directly owned by A14. A14A, the general partner of A14, may be deemed to have sole power to dispose of these shares.
Note to Row 8: See response to row 7.
Note to Row 11: Based on 207,650,578 shares of Common Stock outstanding after the Issuer's initial public offering, as reported in the Prospectus.
SCHEDULE 13G
CUSIP No.
172573107
1
Names of Reporting Persons
Accel XIV Strategic Partners L.P. ("A14SP")
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
7,766.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
7,766.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,766.00
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)
0.0 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Note to Row 5: 7,766 shares, all of which are directly owned by A14SP. A14A, the general partner of A14SP, may be deemed to have sole power to vote these shares.
Note to Row 6: See response to row 5.
Note to Row 7: 7,766 shares, all of which are directly owned by A14SP. A14A, the general partner of A14SP, may be deemed to have sole power to dispose of these shares.
Note to Row 8: See response to row 7.
Note to Row 11: Based on 207,650,578 shares of Common Stock outstanding after the Issuer's initial public offering, as reported in the Prospectus.
SCHEDULE 13G
CUSIP No.
172573107
1
Names of Reporting Persons
Accel XIV Associates L.L.C. ("A14A")
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
199,131.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
199,131.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
199,131.00
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)
0.1 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Note to Row 5: 199,131 shares, of which 191,365 are directly owned by A14 and 7,766 are directly owned by A14SP. A14A, the general partner of each of A14 and A14SP, may be deemed to have sole power to vote these shares.
Note to Row 6: See response to row 5.
Note to Row 7: 199,131 shares, of which 191,365 are directly owned by A14 and 7,766 are directly owned by A14SP. A14A, the general partner of each of A14 and A14SP, may be deemed to have sole power to dispose of these shares.
Note to Row 8: See response to row 7.
Note to Row 11: Based on 207,650,578 shares of Common Stock outstanding after the Issuer's initial public offering, as reported in the Prospectus.
SCHEDULE 13G
CUSIP No.
172573107
1
Names of Reporting Persons
Accel XIV Investors (2019) L.L.C. ("AI19")
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
10,215.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
10,215.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,215.00
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)
0.0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Note to Row 5: 10,215 shares, all of which are directly owned by AI19.
Note to Row 6: See response to row 5.
Note to Row 7: 10,215 shares, all of which are directly owned by AI19.
Note to Row 8: See response to row 7.
Note to Row 11: Based on 207,650,578 shares of Common Stock outstanding after the Issuer's initial public offering, as reported in the Prospectus.
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, NY, 10007
Item 2.
(a)
Name of person filing:
This joint Schedule 13G is being filed by Accel XI L.P. ("A11"), Accel XI Strategic Partners L.P. ("A11SP"), Accel XI Associates L.L.C. ("A11A"), Accel Investors (2013) L.L.C. ("AI13"), Accel XIV L.P. ("A14"), Accel XIV Strategic Partners L.P. ("A14SP"), Accel XIV Associates L.L.C. ("A14A") and Accel XIV Investors (2019) L.L.C. ("AI19"). The foregoing entities are collectively referred to as the "Reporting Persons."
A11A, the general partner of each of A11 and A11SP, may be deemed to have sole power to vote and sole power to dispose of the shares of the Issuer directly owned by each of A11 and A11SP. A14A, the general partner of each of A14 and A14SP, may be deemed to have sole power to vote and sole power to dispose of the shares of the Issuer directly owned by each of A14 and A14SP.
(b)
Address or principal business office or, if none, residence:
Accel
500 University Avenue
Palo Alto, CA 94301
(c)
Citizenship:
A11, A11SP, A14, and A14SP are Delaware limited partnerships. A11A, AI13, A14A, and AI19 are Delaware limited liability companies.
(d)
Title of class of securities:
Class A common stock, par value $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:
See Row 9 of cover page for each Reporting Person.
(b)
Percent of class:
See Row 11 of cover page for each Reporting Person.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Row 5 of cover page for each Reporting Person.
(ii) Shared power to vote or to direct the vote:
See Row 6 of cover page for each Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
See Row 7 of cover page for each Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
See Row 8 of cover page for each Reporting Person.
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Under certain circumstances set forth in the limited partnership agreements of A11, A11SP, A14, and A14SP, and the limited liability company agreements of A11A, AI13, A14A, and AI19, the general partner and limited partners or members, as the case may be, of each of such entities may be deemed to have the right to receive dividends from, or the proceeds from, the sale of shares of the issuer owned by each such entity of which they are a partner or member, as the case may be.
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.
Accel XI L.P. ("A11")
Signature:
Jaspreet Singh
Name/Title:
Jaspreet Singh, Attorney-in-fact
Date:
08/12/2025
Accel XI Strategic Partners L.P. ("A11SP")
Signature:
Jaspreet Singh
Name/Title:
Jaspreet Singh, Attorney-in-fact
Date:
08/12/2025
Accel XI Associates L.L.C. ("A11A")
Signature:
Jaspreet Singh
Name/Title:
Jaspreet Singh, Attorney-in-fact
Date:
08/12/2025
Accel Investors (2013) L.L.C. ("AI13")
Signature:
Jaspreet Singh
Name/Title:
Jaspreet Singh, Attorney-in-fact
Date:
08/12/2025
Accel XIV L.P. ("A14")
Signature:
Jaspreet Singh
Name/Title:
Jaspreet Singh, Attorney-in-fact
Date:
08/12/2025
Accel XIV Strategic Partners L.P. ("A14SP")
Signature:
Jaspreet Singh
Name/Title:
Jaspreet Singh, Attorney-in-fact
Date:
08/12/2025
Accel XIV Associates L.L.C. ("A14A")
Signature:
Jaspreet Singh
Name/Title:
Jaspreet Singh, Attorney-in-fact
Date:
08/12/2025
Accel XIV Investors (2019) L.L.C. ("AI19")
Signature:
Jaspreet Singh
Name/Title:
Jaspreet Singh, Attorney-in-fact
Date:
08/12/2025
Comments accompanying signature: Signed pursuant to a Power of Attorney already on file with the appropriate agencies.
What stake did Accel report in Circle Internet Group (CRCL)?
The filing shows Accel XI Associates L.L.C. (A11A) beneficially owns 9,752,794 shares (4.7%), and Accel XI L.P. (A11) owns 9,071,246 shares (4.4%), among other smaller positions.
Are any Accel reporting persons above 5% ownership of CRCL?
No. All reported percentages are below 5% based on 207,650,578 Class A shares outstanding as stated in the prospectus.
Who may have voting or dispositive power over the reported shares?
The filing states that A11A and A14A, as general partners, may be deemed to have sole voting and dispositive power over the shares owned by their affiliated funds.
What document and CUSIP are associated with this filing?
This is a Schedule 13G for Circle Internet Group, Inc., Class A common stock with CUSIP 172573107.
When was the event date and when were the signatures dated?
The date of the event requiring the filing is 06/30/2025; the signatures on the filing are dated 08/12/2025.
