Designing bolted endplate connections is a typical problem in practice. Nevertheless, the calculation of such endplates is not that easy. Due to the deformation of the plate, the resultant prying forces influence the resistance of the connection. The so‐called T‐stub model considers prying effects and is included in the EN 1993‐1‐8 for typical endplates with two bolts and rectangular bolt configurations. It was found in the literature that circular bolt configurations can have some benefits compared to rectangular ones, like a better stress distribution in the plate and bolts, resulting in higher resistances. Systematic research on the evolution of the yield‐line mechanisms is still not available, which is the focus of the presented study. We investigated and compared the yield‐line mechanisms and ultimate loads of typical rectangular and circular bolt configurations. A parameter study has been worked out by varying the endplate thickness for each case. The calculations were made with the Discontinuity Layout Optimization (DLO) concept, directly offering the kinematic mechanisms and corresponding ultimate loads. Finally, we gave some simple recommendations for calculating the ultimate loads of circular bolt configurations.