Circle Internet (CRCL)

Market Price (10/5/2026): $83.605 | Market Cap: $20.7 BilSector: Financials | Industry: Diversified Capital Markets

Circle Internet (CRCL)

Market Price (10/5/2026): $83.605
Market Cap: $20.7 Bil
Sector: Financials
Industry: Diversified Capital Markets

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 37%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, Crypto & Blockchain, and Digital & Alternative Assets. Themes include Digital Payments, Show more.

Weak multi-year price returns
2Y Excs Rtn is -37%, 3Y Excs Rtn is -83%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 50x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 45x

Key risks
CRCL key risks include [1] a business model whose revenue is highly sensitive to falling interest rates on its USDC reserves and [2] specific financial health concerns highlighted by a low Altman Z-Score, Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 37%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
2	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments, Crypto & Blockchain, and Digital & Alternative Assets. Themes include Digital Payments, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -37%, 3Y Excs Rtn is -83%
4	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 50x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 45x
5	Key risks CRCL key risks include [1] a business model whose revenue is highly sensitive to falling interest rates on its USDC reserves and [2] specific financial health concerns highlighted by a low Altman Z-Score, Show more.

CRCL in ETFs

Weight = CRCL's share of each fund

VTI0.02%

ITOT0.02%

IWB0.02%

VB0.15%

ARKK5.0%

ARKW4.2%

AGIX1.9%

IGV0.61%

+12 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	10/5/26	2025	2024	2023	2022
Share Price			$83.61	$79.30	�	�	�
Mkt Cap ($ Bil)			20.7	18.2	-	-	-
+ Debt ($ Bil)			0.0	0.1	0.0	0.1	0.0
- Cash ($ Bil)			1.7	1.3	0.0	0.2	0.0
TEV ($ Bil)			19.0	18.3
Valuation Ratios
P/S	5.5	6.9	7.1	7.6	-	-	-
P/EBIT	48.0	59.4	51.5	-78.8	-	-	-
P/E	57.0	70.4	46.0	-91.2	-	-	-
P/FCF	—	—	29.2	52.5	-	-	-
Sector Ratios (* = sector average)
P/S *			3.2	3.2	3.1	2.3	2.7
P/EBIT *			6.5	8.5	8.5	6.9	6.6
P/E *			11.4	11.7	11.7	8.6	9.1
P/FCF *			8.5	8.6	8.7	6.4	6.1

FYE: 12/31	Forward FYE		Now
	2027	2026	10/5/26
Share Price			$83.61
Mkt Cap ($ Bil)			20.7
+ Debt ($ Bil)			0.0
- Cash ($ Bil)			1.7
TEV ($ Bil)			19.0
Valuation Ratios
P/S	5.5	6.9	7.1
P/EBIT	48.0	59.4	51.5
P/E	57.0	70.4	46.0
P/FCF	—	—	29.2
Sector Ratios (* = sector average)
P/S *			3.2
P/EBIT *			6.5
P/E *			11.4
P/FCF *			8.5

FYE: 12/31	CRCL [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$2.9 Bil	—
FY 2026 Sales	$3.0 Bil	—
FY 2027 Sales	$3.8 Bil	—
FY 2026 Sales Growth	3.6%	—
FY 2027 Sales Growth	24.9%	13.0%
EARNINGS
LTM Net Income (GAAP) [3]	$451.3 Mil	—
FY 2026 Net Income (Non-GAAP)	$294.8 Mil	—
FY 2027 Net Income (Non-GAAP)	$364.3 Mil	—
FY 2027 Net Income Growth	23.6%	18.7%
FY 2026 EPS (Non-GAAP)	$1.08	—
FY 2027 EPS (Non-GAAP)	$1.48	—
FY 2027 EPS Growth	37.0%	—
VALUATION
FY 2026 P/S	6.9	1.7
FY 2027 P/S	5.5	—
FY 2026 P/E	70.4	7.8
FY 2027 P/E	57.0	—

[1] CRCL forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	CRCL	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	2.9
Rev Chg Q	6.6%	9.3%
Rev Chg LTM	37.2%	8.3%
Rev Chg 3Y Avg	384.3%	5.8%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.8
Net Inc LTM ($ Bil)	0.5
Op Mgn LTM	7.4%	18.6%
CFO/Rev LTM	26.7%	21.8%
Net Inc Mgn	15.5%	13.2%
VALUATION	VERY HIGH
P/S	7.1	3.0
P/CFO	26.7	14.3
P/FCF	29.2	18.8
P/E	46.0	21.5

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Metric	Value	Date	Source
USDC in Circulation	75.85 billion	10302025	Link
All-time USDC On-chain Transaction Volume	46.09 trillion	11052025	Link
Number of Blockchains with Native USDC Integration	28	11052025	Link
Circle Payments Network Pipeline	100+ institutions	8122025	Link
USDC Minted (from Jan 1, 2021 to Dec 31, 2024)	504 billion	12312024	Link
USDC Redeemed (from Jan 1, 2021 to Dec 31, 2024)	464 billion	12312024	Link

Price Chart

Upcoming
11/11/2026	Earnings Release	Rev: $785 Mil (E) EPS: $0.38 (E)

Why The Stock Moved

Qualitative Assessment

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Updated on 10/1/2026

Circle Internet (CRCL) stock has gained about 30% since 6/30/2026 because of the following key factors:

1. Arc Mainnet Launch and Significant Institutional Integrations.

Circle launched its Arc Mainnet on September 16, 2026, positioning it as an open L1 blockchain for financial markets. This launch was supported by a founding validator cohort that included major financial institutions such as BlackRock, DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation, and Visa. DTCC is collaborating with Circle to bring tokenized securities to Arc, starting with DTC-custodied assets, and BlackRock is expected to deploy its BUIDL fund on the platform. These developments highlight increasing institutional confidence and the potential for a new monetization driver.

2. Substantial Increase in Fiscal Year 2026 Revenue Guidance.

Following its Q2 2026 earnings report on August 5, 2026, Circle significantly raised its "other revenue" guidance for fiscal year 2026 to a range of $310 million to $330 million, more than doubling its previous guidance of $150 million to $170 million. This upward revision was primarily driven by a $242 million Arc token presale, with approximately 75%, or $180 million, of these milestones anticipated to be recognized as revenue in fiscal 2026. This incremental revenue is expected to flow directly to the company's bottom line.

3. Key Regulatory Approvals and Expanded USDC Utility.

Circle secured significant regulatory milestones, including final approval for Circle National Trust from the Office of the Comptroller of the Currency (OCC) on July 12, 2026, placing it under direct federal supervision. Additionally, on July 31, 2026, Circle was granted a Trust Charter by the New York Department of Financial Services. These regulatory achievements enhance the credibility and stability of USDC, facilitating broader institutional adoption. This was supported by a 19% year-over-year increase in USDC circulation to $73.3 billion in fiscal Q2 2026, and a 151% surge in quarterly on-chain transaction volume to $14.8 trillion.

4. Strategic $100 Million Investment and Partnership Expansion with Binance.

On September 22, 2026, Circle announced an expanded strategic partnership with Binance, which included a $100 million equity investment from Binance. The collaboration also involved a new five-year commercial agreement focused on expanding USDC access across emerging markets, leveraging Binance's extensive global user base and further integrating USDC into the broader digital payments ecosystem.

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Stock Movement Drivers

Fundamental Drivers

The 29.7% change in CRCL stock from 6/30/2026 to 10/4/2026 was primarily driven by a 30.0% change in the company's P/S Multiple.

(LTM values as of)	6302026	10042026	Change
Stock Price ($)	62.63	81.25	29.7%
Change Contribution By:
Total Revenues ($ Mil)	2,862	2,905	1.5%
P/S Multiple	5.3	6.9	30.0%
Shares Outstanding (Mil)	244	248	-1.7%
Cumulative Contribution			29.7%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/4/2026

	Return	Correlation
CRCL	29.7%
Market (SPY)	3.1%	43.1%
Sector (XLF)	-0.2%	21.7%

Fundamental Drivers

The -14.8% change in CRCL stock from 3/31/2026 to 10/4/2026 was primarily driven by a -15.9% change in the company's P/S Multiple.

(LTM values as of)	3312026	10042026	Change
Stock Price ($)	95.41	81.25	-14.8%
Change Contribution By:
Total Revenues ($ Mil)	2,747	2,905	5.8%
P/S Multiple	8.3	6.9	-15.9%
Shares Outstanding (Mil)	238	248	-4.3%
Cumulative Contribution			-14.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/4/2026

	Return	Correlation
CRCL	-14.8%
Market (SPY)	18.6%	33.2%
Sector (XLF)	8.7%	12.3%

Fundamental Drivers

The -38.7% change in CRCL stock from 9/30/2025 to 10/4/2026 was primarily driven by a -75.6% change in the company's P/S Multiple.

(LTM values as of)	9302025	10042026	Change
Stock Price ($)	132.58	81.25	-38.7%
Change Contribution By:
Total Revenues ($ Mil)	922	2,905	215.2%
P/S Multiple	28.4	6.9	-75.6%
Shares Outstanding (Mil)	198	248	-20.3%
Cumulative Contribution			-38.7%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/4/2026

	Return	Correlation
CRCL	-38.7%
Market (SPY)	16.5%	39.6%
Sector (XLF)	0.5%	24.8%

Fundamental Drivers

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Market Drivers

9/30/2023 to 10/4/2026

	Return	Correlation
CRCL
Market (SPY)	86.2%	31.0%
Sector (XLF)	68.3%	21.9%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
CRCL Return	-	-	-	-	-5%	6%	1%
Peers Return	31%	-75%	275%	42%	28%	14%	151%
S&P 500 Return	27%	-19%	24%	23%	16%	12%	104%
Monthly Win Rates [3]
CRCL Win Rate	-	-	-	-	43%	44%
Peers Win Rate	45%	33%	62%	48%	60%	47%
S&P 500 Win Rate	75%	42%	67%	75%	67%	44%
Max Drawdowns [4]
CRCL Max Drawdown	-	-	-	-	-	-55%
Peers Max Drawdown	-60%	-78%	-49%	-43%	-50%	-41%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: COIN, PYPL, HOOD, MARA, RIOT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/2/2026 (YTD)

CRCL has limited trading history. Below is the Financials sector ETF (XLF) in its place.

Event	XLF	S&P 500
2025 US Tariff Shock
% Loss	-15.5%	-18.8%
% Gain to Breakeven	18.4%	23.1%
Time to Breakeven	80 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-10.7%	-9.5%
% Gain to Breakeven	12.0%	10.5%
Time to Breakeven	26 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-16.1%	-6.7%
% Gain to Breakeven	19.1%	7.1%
Time to Breakeven	270 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-22.3%	-24.5%
% Gain to Breakeven	28.6%	32.4%
Time to Breakeven	467 days	427 days
2020 COVID-19 Crash
% Loss	-42.8%	-33.7%
% Gain to Breakeven	74.8%	50.9%
Time to Breakeven	289 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-19.7%	-19.2%
% Gain to Breakeven	24.5%	23.8%
Time to Breakeven	123 days	105 days

Compare to COIN, PYPL, HOOD, MARA, RIOT

In The Past

State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

CRCL has limited trading history. Below is the Financials sector ETF (XLF) in its place.

Event	XLF	S&P 500
2022 Inflation Shock & Fed Tightening
% Loss	-22.3%	-24.5%
% Gain to Breakeven	28.6%	32.4%
Time to Breakeven	467 days	427 days
2020 COVID-19 Crash
% Loss	-42.8%	-33.7%
% Gain to Breakeven	74.8%	50.9%
Time to Breakeven	289 days	140 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-21.4%	-12.2%
% Gain to Breakeven	27.3%	13.9%
Time to Breakeven	272 days	62 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-26.1%	-17.9%
% Gain to Breakeven	35.3%	21.8%
Time to Breakeven	162 days	123 days
2008-2009 Global Financial Crisis
% Loss	-78.3%	-53.4%
% Gain to Breakeven	359.8%	114.4%
Time to Breakeven	2329 days	1085 days

Compare to COIN, PYPL, HOOD, MARA, RIOT

In The Past

State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Circle Internet (CRCL)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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Circle Internet (CRCL) is a fintech company established in 2013 with a core mission to enhance global economic prosperity through the frictionless exchange of value. It aims to build a new global economic system on the foundation of the internet, enabling value to be shared as easily as information. Circle achieves this by developing foundational technology for the internet financial system and actively engaging with policymakers to drive mainstream adoption of digital assets.

The company's primary product is USDC, a widely used stablecoin that plays a critical role in facilitating onchain digital transactions. As a testament to its impact, USDC has been used for more than $25 trillion in transactions as of March 31, 2025. Circle's innovative products extend to tens of millions of end-users and power thousands of businesses, highlighting its significant reach and utility within the digital economy.

Circle serves a broad market encompassing individual consumers, various businesses leveraging digital assets, and a growing number of influential players within the traditional financial services sector who are increasingly adopting digital assets and stablecoins. The company sees the internet financial system as being in its infancy, positioning itself at the forefront of continued growth and innovation in this rapidly expanding global economic landscape.

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Here are 1-3 brief analogies to describe Circle Internet:

Visa for digital dollars
Stripe for stablecoins

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USDC (USD Coin): A regulated, fully-reserved stablecoin pegged to the U.S. dollar, designed for frictionless digital transactions and value exchange on the internet financial system.
Digital Asset Platform & Services: A suite of products and technologies that enable businesses and individuals to integrate stablecoins and digital assets for payments, treasury, and other financial operations within the internet financial system.

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Circle Internet Major Customers

Based on the provided company description, Circle Internet (CRCL) primarily sells to other companies. While its products reach tens of millions of end-users, these users likely interact with Circle's offerings indirectly through businesses that leverage Circle's foundational technology and stablecoins like USDC.

The provided background information does not list the names of specific customer companies. However, it identifies the following categories of major customers:

Businesses leveraging digital assets and blockchain technology: Circle's innovative products "power thousands of businesses" that utilize the internet financial system, likely integrating USDC for various purposes such as payments, treasury management, and other decentralized finance applications.
Incumbent financial services system players: These are "Large and influential players" in traditional finance, including banks, payment networks, and other financial institutions that are increasingly embracing digital assets broadly and stablecoins specifically, indicating their adoption and integration of Circle's offerings.

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Jeremy Allaire, Co-Founder, Chairman & Chief Executive Officer

Jeremy Allaire is a seasoned internet entrepreneur and the co-founder, CEO, and Chairman of Circle. He previously co-founded Allaire Corporation in 1995, which went public in January 1999 and was subsequently acquired by Macromedia in 2001. After the acquisition, he served as Chief Technology Officer of Macromedia. In 2003, Allaire became a technologist and executive-in-residence at venture capital firm General Catalyst. He then founded Brightcove, an online video platform, in 2004, leading it to a successful IPO in early 2012 before stepping down as CEO in 2013. He launched Circle in October 2013.

Jeremy Fox-Geen, Chief Financial Officer

Jeremy Fox-Geen has served as Circle's Chief Financial Officer since May 2021. Prior to joining Circle, he held CFO positions at iStar and Safehold from March 2020 to May 2021. From August 2016 to March 2020, he was the Chief Financial Officer for McKinsey & Company, North America. His extensive background also includes senior leadership roles at PricewaterhouseCoopers (as Banking Strategy Leader), Citigroup (as Finance Transformation Leader), and earlier as a management consultant at McKinsey & Company. He began his career as an investment banker at Flemings and Rothschild.

Heath Tarbert, President

Heath Tarbert has been the President of Circle since January 2025 and also serves as its Chief Legal Officer since July 2023. Before joining Circle, he was the Chief Legal Officer of Citadel Securities from April 2021 to June 2023. He is notable for having served as the 14th Chairman and Chief Executive of the Commodity Futures Trading Commission (CFTC) from July 2019 to January 2021. Earlier in his career, Tarbert held significant government roles, including Assistant Secretary of the Treasury for International Markets and Development and acting Under Secretary of the Treasury for International Affairs. He also served as a Supreme Court law clerk, Associate White House Counsel, Special Counsel to the Senate Banking Committee, and was a partner at several international law firms.

Mandeep Walia, Chief Compliance & Risk Officer

Mandeep Walia is Circle's Chief Compliance & Risk Officer. Before her tenure at Circle, she served as the Chief Compliance Officer and Head of Enterprise Risk Management for Novi, a part of Facebook, from November 2018 to May 2021. She also held the position of Chief Risk and Compliance Officer at LendUp, where she was responsible for redesigning and implementing the company's compliance and risk management framework. Her experience further includes a role as Senior Director of Global Risk and Compliance for PayPal.

Kash Razzaghi, Chief Commercial Officer

Kash Razzaghi has been the Chief Commercial Officer at Circle since September 2025, overseeing global business, corporate development, and marketing efforts. He initially joined Circle as SVP of Revenue and Partnerships in April 2020, was promoted to Chief Revenue Officer in October 2021, and served as Chief Business Officer from January 2023 to September 2025. Prior to his time at Circle, Razzaghi was the SVP of Sales for Brightcove from 2016 to 2019. Brightcove was co-founded by Circle's CEO, Jeremy Allaire.

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Key Risks for Circle Internet (CRCL)

Regulatory and Policy Risk: Circle's business, particularly its stablecoin USDC, operates within a rapidly evolving and scrutinized regulatory landscape. The company actively engages with policymakers and regulators globally, indicating the significant impact that new laws, regulations, or unfavorable governmental policies could have on its operations, products, and overall market acceptance. Unforeseen or adverse regulatory developments could restrict its ability to innovate, expand, or even continue certain aspects of its business.
Competition from Incumbent Financial Services: The company acknowledges that "Large and influential players in the incumbent financial services system are increasingly embracing digital assets broadly and stablecoins specifically." This signifies a substantial risk from well-established financial institutions with extensive resources, existing customer bases, and deep regulatory experience. Such competition could lead to pricing pressures, reduced market share, and slower adoption of Circle's products and services.

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The emergence of large and influential players in the incumbent financial services system increasingly embracing and potentially launching their own digital assets and stablecoins poses a clear emerging threat to Circle Internet. These entities possess significant capital, established customer bases, and deep regulatory experience, which could allow them to compete directly with Circle's USDC and other offerings, potentially siphoning market share and hindering Circle's growth in the nascent internet financial system.

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Circle Internet (CRCL) operates within significant and rapidly expanding addressable markets, primarily centered around its stablecoin, USDC, and broader digital asset financial services.

Global Stablecoin Market

The most direct addressable market for Circle's main product, USDC, is the global stablecoin market. As of early to mid-March 2026, the total supply or market capitalization of the global stablecoin market has surpassed $333 billion and approximately $313 billion, with other sources citing it at around $320.5 billion. The U.S. dollar-denominated stablecoin market, which constituted about 99% of the global stablecoin market, reached $225 billion as of September 2025.

Projections indicate substantial growth for this market in the coming years:

J.P. Morgan Global Research projected in September 2025 that the stablecoin market could reach $500–750 billion in the near future.
Citi's "Stablecoin 2030" report projects the stablecoin market to reach $1.9 trillion by 2030 in its base case, with a more optimistic "bull case" scenario envisioning a market size of up to $4 trillion globally.

Broader Digital Asset and Blockchain Financial Services Markets

Circle's mission to build a new global economic system on the internet means it also addresses the wider digital asset and blockchain financial services sectors:

The global blockchain technology market was valued at $31.18 billion in 2025 and is projected to grow from $47.96 billion in 2026 to $577.36 billion by 2034. It is also projected to reach $1.4 trillion by 2030.
The global "Blockchain in Banking and Financial Services" market size was recorded at $10.8524 billion by the end of 2025 and is projected to reach $216.576 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 45.382% from 2025 to 2033. North America held 39.35% of this market share in 2025.
The global "Crypto Asset and Digital Transformation" market size is estimated at $107.86 billion in 2025 and is expected to grow to $227.90 billion by 2030, with a CAGR of 15.88% during 2026-2030. In 2026, this market is estimated to be $126.37 billion. North America is anticipated to be the largest region, holding a 53.7% share by 2030.
The fintech blockchain market size is expected to increase from $7.42 billion in 2026 to $11.06 billion by 2031, growing at a CAGR of 8.31% over 2026-2031. North America commanded 42.39% of global revenue in 2025 in this segment.

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For Circle Internet (CRCL), several key drivers are expected to fuel future revenue growth over the next 2-3 years:

Growth in USDC Circulation and Yield on Reserves: A primary driver of Circle's revenue is the interest income generated from the reserves backing its USD Coin (USDC) stablecoin. The company's business model is significantly tied to the expansion of USDC circulation, which directly correlates with higher reserve balances and, consequently, increased interest income. USDC circulation saw a 72% year-over-year growth by the end of 2025, and analysts anticipate a 40% compound annual growth rate (CAGR) for USDC circulation over the medium to long term.
Expansion of the Circle Payments Network (CPN) and New Product Offerings: Circle is expanding its offerings beyond stablecoin issuance to become a comprehensive network utility for global organizations. The Circle Payments Network (CPN) facilitates near-instant settlements and generates secondary revenue streams through developer tools and integrated digital asset storage solutions. The company is actively investing in and launching new platform capabilities, such as its Arc Layer 1 blockchain network, with a testnet already live and the mainnet planned for 2026. This focus on "Onchain Finance Infrastructure" and scaling its developer platform is expected to drive additional revenue.
Regulatory Clarity and Institutional Adoption: The passage of the federal "Genius Act" in July 2025 has provided a comprehensive regulatory framework for stablecoin providers in the U.S. This clarity is crucial for fostering institutional adoption of digital assets and stablecoins, enabling strategic alliances. For example, Circle's partnership with FIS aims to embed USDC into traditional financial infrastructure, broadening its market reach and utility.
Increased Onchain Transaction Volume and Emerging Use Cases: Beyond merely increasing circulation, the active utility and velocity of USDC are significant growth catalysts. Onchain USDC transaction volume reached nearly $12 trillion in Q4 2025, marking a 3.5x year-over-year increase. This surge is driven by diverse applications, including trading, payments, decentralized finance (DeFi), and cross-border transactions. Emerging use cases, such as prediction markets and agentic commerce, further highlight the expanding utility and demand for USDC in various economic activities.

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Share Repurchases

Circle Internet Group had a 6-Month Share Buyback Ratio of -5.24% as of September 2025, suggesting potential share issuance rather than repurchases during that period.
Over the past three months, Circle Internet Group insiders sold approximately $43.97 million in company stock and made no stock purchases.

Share Issuance

Circle Internet Group went public on June 5, 2025, through an initial public offering (IPO) of 34,000,000 shares of its Class A common stock at $31.00 per share, with Circle offering 14,800,000 shares.
In August 2025, Circle priced a public offering of 10,000,000 shares of its Class A common stock at $130.00 per share, with the company offering 2,000,000 shares.
In early March 2026, the company filed a US$1.48 billion shelf registration for 14,537,287 Class A shares related to its employee stock ownership plans.

Inbound Investments

In April 2022, Circle raised $400 million from investors, including BlackRock, Fidelity Investments, and Marshall Wace LLP.
The IPO in June 2025 raised approximately $1.1 billion, with the shares priced at $31 each.
Coinbase took an equity stake in Circle in September 2023.

Outbound Investments

In November 2021, Circle led a US$13.5 million funding round for the crowdfunding platform Crowdcube.
In January 2025, Circle acquired Hashnote, a company operating a tokenized money market fund with $1.5 billion in assets under management.

Capital Expenditures

Over the last 12 months, capital expenditures for Circle Internet Group were -$12.43 million.
Annual capital expenditures were $15 million in 2024 and are projected to be $20 million in 2026.

Interactive Breakdown

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Better Bets vs. Circle Internet (CRCL)

INDUSTRY: Diversified Capital Markets

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRCL: 384.3% | 6.9x)

NAKA (662.5% | 4.9x)

Nakamoto

DOMH (4647.9% | 0.4x)

Dominari

Higher Rev Chg LTM (Value for CRCL: 37.2%)

BMNR (1022.4%)

BitMine Immersion Technologies

HUT (129.5%)

Hut 8

FIGR (85.7%)

Figure Technology Solutions

MRX (48.9%)

Marex

LPLA (38.8%)

LPL Financial

Higher Rev Chg 3Y Avg (Value for CRCL: 384.3%)

DOMH (4647.9%)

Dominari

NAKA (662.5%)

Nakamoto

SBET (643.5%)

Sharplink

BMNR (544.8%)

BitMine Immersion Technologies

Higher Op Mgn LTM (Value for CRCL: 7.4%)

TW (44.1%)

Tradeweb Markets

FIGR (36.9%)

Figure Technology Solutions

MRX (33.9%)

Marex

LAZ (11.1%)

Lazard

LPLA (9.1%)

LPL Financial

Higher CFO/Rev LTM (Value for CRCL: 26.7%)

TW (54.2%)

Tradeweb Markets

LCLN (27.5%)

Lincoln International

Higher FCF/Rev LTM (Value for CRCL: 24.4%)

TW (48.7%)

Tradeweb Markets

LCLN (26.6%)

Lincoln International

Higher Total Yield (Value for CRCL: 2.2%)

LAZ (11.4%)

Lazard

MRX (8.1%)

Marex

TW (4.6%)

Tradeweb Markets

LPLA (4.4%)

LPL Financial

FIGR (3.8%)

Figure Technology Solutions

SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRCL: 384.3% | 6.9x)

ARR (745.9% | 4.0x)

ARMOUR Residential REIT

ORC (401.6% | 3.8x)

Orchid Island Capital

IVR (430.7% | 3.9x)

Invesco Mortgage Capital

TPVG (442.8% | 4.3x)

TriplePoint Venture Growth BDC

NSLR (942.8% | 1.2x)

Neostellar Capital

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CRCL: 384.3% | 93.6x)

BAM (2109.8% | 19.0x)

Brookfield Asset Management

Higher Rev Chg LTM (Value for CRCL: 37.2%)

RKT (94.2%)

Rocket Companies

COF (45.1%)

Capital One Financial

APO (41.2%)

Apollo Global Management

LPLA (38.8%)

LPL Financial

HOOD (38.3%)

Robinhood Markets

Higher Rev Chg 3Y Avg (Value for CRCL: 384.3%)

BAM (2109.8%)

Brookfield Asset Management

ARR (745.9%)

ARMOUR Residential REIT

SBET (643.5%)

Sharplink

BMNR (544.8%)

BitMine Immersion Technologies

ORC (401.6%)

Orchid Island Capital

Higher Op Mgn LTM (Value for CRCL: 7.4%)

V (65.6%)

Visa

MA (59.8%)

Mastercard

HOOD (46.0%)

Robinhood Markets

SPGI (41.6%)

S&P Global

BLK (33.0%)

BlackRock

Higher CFO/Rev LTM (Value for CRCL: 26.7%)

RY (111.9%)

Royal Bank of Canada

BAC (78.2%)

Bank of America

V (50.8%)

Visa

MA (49.7%)

Mastercard

SCHW (43.9%)

Charles Schwab

Higher FCF/Rev LTM (Value for CRCL: 24.4%)

RY (108.6%)

Royal Bank of Canada

BAC (78.2%)

Bank of America

V (47.2%)

Visa

MA (45.5%)

Mastercard

SCHW (41.5%)

Charles Schwab

Higher Total Yield (Value for CRCL: 2.2%)

BAC (11.3%)

Bank of America

JPM (9.2%)

JPMorgan Chase

BRK-B (7.9%)

Berkshire Hathaway

V (4.1%)

Visa

MA (3.9%)

Mastercard

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRCL: 384.3% | 6.9x)

QXO (1245.2% | 0.9x)

QXO

LQDA (749.1% | 5.6x)

Liquidia

CLOV (2494.5% | 0.9x)

Clover Health Investments

VIR (613.6% | 6.2x)

Vir Biotechnology

GERN (4035.6% | 3.9x)

Geron

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CRCL: 384.3% | 93.6x)

TGTX (482.9% | 56.5x)

TG Therapeutics

LQDA (749.1% | 15.1x)

Liquidia

CRMD (5785.3% | 2.6x)

Cormedix

AHRT (1771.7% | 6.7x)

AH Realty Trust

BSEM (424.5% | 28.8x)

BioStem Technologies

Higher Rev Chg LTM (Value for CRCL: 37.2%)

MU (167.0%)

Micron Technology

NVDA (83.4%)

NVIDIA

LLY (49.6%)

Eli Lilly

AVGO (48.7%)

Broadcom

AMD (39.5%)

Advanced Micro Devices

Higher Rev Chg 3Y Avg (Value for CRCL: 384.3%)

IBRX (1513.7%)

ImmunityBio

BBIO (1323.7%)

BridgeBio Pharma

QXO (1245.2%)

QXO

ARWR (913.6%)

Arrowhead Pharmaceuticals

ASTS (813.3%)

AST SpaceMobile

Higher Op Mgn LTM (Value for CRCL: 7.4%)

NVDA (65.2%)

NVIDIA

MSFT (46.8%)

Microsoft

AAPL (33.2%)

Apple

GOOGL (33.1%)

Alphabet

AMZN (12.1%)

Amazon.com

Higher CFO/Rev LTM (Value for CRCL: 26.7%)

META (57.1%)

Meta Platforms

MSFT (55.1%)

Microsoft

NVDA (44.3%)

NVIDIA

GOOGL (41.6%)

Alphabet

AAPL (31.4%)

Apple

Higher FCF/Rev LTM (Value for CRCL: 24.4%)

AVGO (44.2%)

Broadcom

NVDA (41.9%)

NVIDIA

AAPL (29.3%)

Apple

MU (29.0%)

Micron Technology

ABBV (28.3%)

AbbVie

Higher Total Yield (Value for CRCL: 2.2%)

GOOGL (6.1%)

Alphabet

AMZN (5.0%)

Amazon.com

MSFT (4.2%)

Microsoft

NVDA (3.5%)

NVIDIA

AAPL (3.0%)

Apple

Best Bets in Financials

What You Pay

P/EBIT (Value for CRCL: 50.0x)

CME (16.5x)

CME

MTG (6.1x)

MGIC Investment

NMIH (5.5x)

NMI

KNSL (10.3x)

Kinsale Capital

ENVA (9.2x)

Enova International

AMG (6.4x)

Affiliated Managers

FNF (5.3x)

Fidelity National Financial

PLMR (12.3x)

Palomar

CPAY (12.3x)

Corpay

ARES (11.6x)

Ares Management

P/E (Value for CRCL: 44.7x)

CME (22.1x)

CME

MTG (8.0x)

MGIC Investment

NMIH (7.4x)

NMI

KNSL (13.2x)

Kinsale Capital

ENVA (12.1x)

Enova International

AMG (11.5x)

Affiliated Managers

FNF (13.6x)

Fidelity National Financial

PLMR (16.4x)

Palomar

CPAY (22.7x)

Corpay

ARES (41.8x)

Ares Management

What You Get

Rev Chg 3Y Avg (Value for CRCL: 384.3%)

CME (9.0%)

CME

MTG (1.0%)

MGIC Investment

NMIH (10.4%)

NMI

KNSL (25.1%)

Kinsale Capital

ENVA (21.5%)

Enova International

AMG (2.1%)

Affiliated Managers

FNF (10.0%)

Fidelity National Financial

PLMR (47.0%)

Palomar

CPAY (11.6%)

Corpay

ARES (20.8%)

Ares Management

Rev Chg LTM (Value for CRCL: 37.2%)

CME (5.1%)

CME

MTG (-1.9%)

MGIC Investment

NMIH (7.5%)

NMI

KNSL (15.8%)

Kinsale Capital

ENVA (17.7%)

Enova International

AMG (11.8%)

Affiliated Managers

FNF (12.7%)

Fidelity National Financial

PLMR (60.9%)

Palomar

CPAY (20.4%)

Corpay

ARES (24.0%)

Ares Management

Rev Chg Q (Value for CRCL: 6.6%)

CME (0.8%)

CME

MTG (-2.9%)

MGIC Investment

NMIH (8.1%)

NMI

KNSL (16.8%)

Kinsale Capital

ENVA (21.6%)

Enova International

AMG (29.9%)

Affiliated Managers

FNF (11.0%)

Fidelity National Financial

PLMR (56.4%)

Palomar

CPAY (21.5%)

Corpay

ARES (5.8%)

Ares Management

FCF/Rev 3Y Avg (Value for CRCL: 17.8%)

CME (62.1%)

CME

MTG (61.0%)

MGIC Investment

NMIH (59.2%)

NMI

KNSL (56.4%)

Kinsale Capital

ENVA (54.9%)

Enova International

AMG (46.9%)

Affiliated Managers

FNF (45.5%)

Fidelity National Financial

PLMR (43.8%)

Palomar

CPAY (41.4%)

Corpay

ARES (40.4%)

Ares Management

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Peer Outperformance in Diversified Capital Markets

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Share of Diversified Capital Markets constituents that CRCL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

47%

of 34 industry peers · -44.3% return

—

insufficient peer history

—

insufficient peer history

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Median price return by industry across the Financials sector, ranked by 5Y. Diversified Capital Markets is CRCL's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Reinsurance	6	15.9%	64.6%	115.6%	SPNT 160% · RNR 142% · RGA 135%
Investment Banking & Brokerage	13	-3.8%	100.8%	100.0%	IBKR 441% · SNEX 231% · HOOD 168%
Diversified Banks	12	28.5%	131.2%	96.2%	CM 145% · RY 131% · JPM 122%
Life & Health Insurance	20	6.1%	51.5%	90.5%	JXN 532% · UNM 286% · FG 191%
Multi-Sector Holdings	4	3.8%	52.4%	74.5%	JONE 361% · BRK-B 81% · VOYA 68%
Property & Casualty Insurance	42	3.1%	71.0%	60.8%	ASIC 2616900% · HRTG 408% · UVE 305%
Multi-line Insurance	9	4.5%	70.2%	53.8%	GNW 135% · L 92% · AIZ 82%
Regional Banks	264	26.4%	92.0%	52.2%	GCBC 319% · ESQ 310% · PBAM 251%
Financial Exchanges & Data	15	-2.9%	15.3%	30.0%	VIRT 182% · CBOE 140% · CME 64%
Diversified Financial Services	4	-8.4%	23.4%	19.4%	FRHC 175% · EQH 95% · TMS -56%
Consumer Finance	30	-0.7%	86.0%	17.9%	ENVA 388% · EZPW 296% · FCFS 159%
Insurance Brokers	16	-25.2%	-10.1%	11.7%	LIFE 300% · ARX 88% · CRD-A 62%
Asset Management & Custody Banks	83	-8.0%	20.3%	11.4%	WT 356% · VCTR 285% · AAMI 265%
Commercial & Residential Mortgage Finance	14	-53.1%	25.2%	1.0%	FNMA 460% · FMCC 422% · ACT 172%
Specialized Finance	3	8.6%	37.5%	-13.7%	EFC 16% · HASI -14% · CACC -14%
Mortgage REITs	33	-18.7%	4.8%	-29.8%	NREF 54% · RITM 33% · DX 22%
Transaction & Payment Processing Services	17	-4.3%	-7.1%	-45.0%	V 67% · MA 66% · CPAY 51%
Diversified Capital Markets ←	20	-36.2%	14.6%	-58.2%	OPY 180% · LPLA 100% · GOLD 59%

Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Circle Internet Earnings Notes	05/08/2026
2	Circle Internet Stock 5-Day Winning Spree: Stock Climbs 18%	03/19/2026
3	CRCL Stock Falls -11% In 6-day Spree On Tiger Securities Target Cut	01/28/2026
4	What Drove the -41.8% Net Income Change for Circle Internet in FY2024?	06/10/2025
5	ARTICLES
6	Market Movers \| Winners: EMAT, TITN, CRCL \| Losers: EIX, PCG, TECX	09/02/2026
7	A 5-Day Winning Streak Has Circle Internet Stock Up 19%	08/14/2026
8	How Will Circle Internet Stock React To Its Upcoming Earnings?	05/08/2026
9	5-Day Rally Sends Circle Internet Stock Up 18%	03/19/2026
10	Why Is Circle Stock Falling?	11/18/2025

	Title
0	DASHBOARDS
1	Circle Internet Earnings Notes
2	Circle Internet Stock 5-Day Winning Spree: Stock Climbs 18%
3	CRCL Stock Falls -11% In 6-day Spree On Tiger Securities Target Cut
4	What Drove the -41.8% Net Income Change for Circle Internet in FY2024?
5	ARTICLES
6	Market Movers \| Winners: EMAT, TITN, CRCL \| Losers: EIX, PCG, TECX
7	A 5-Day Winning Streak Has Circle Internet Stock Up 19%
8	How Will Circle Internet Stock React To Its Upcoming Earnings?
9	5-Day Rally Sends Circle Internet Stock Up 18%
10	Why Is Circle Stock Falling?

Trade Ideas

Select ideas related to CRCL.

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Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MXL	MaxLinear	9.5	15.0%	507.7%
SYNA	Synaptics	4.7	14.1%	63.6%
WOLF	Wolfspeed	1.4	13.2%	102.6%
WNC	Wabash National	0.6	12.7%	66.3%
AZTA	Azenta	1.8	12.4%	16.5%
PENG	Penguin Solutions	3.1	11.6%	213.7%
FCEL	FuelCell Energy	1.3	11.5%	152.7%
VSH	Vishay Intertechnology	5.2	11.4%	166.3%
IBRX	ImmunityBio	10.8	10.8%	419.4%
MTRN	Materion	6.5	9.5%	151.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
IART	Integra Lifesciences	1.0	-21.2%	2.1%
WDC	Western Digital	145.8	-10.2%	141.3%
STX	Seagate Technology	191.0	-10.2%	209.3%
EVCM	EverCommerce	1.6	-9.6%	-26.2%
TH	Target Hospitality	1.9	-8.0%	135.2%
GEMI	Gemini Space Station	0.6	-7.9%	-52.9%
UCTT	Ultra Clean	3.3	-7.6%	187.0%
NUVB	Nuvation Bio	1.8	-7.6%	-42.6%
EPRX	Eupraxia Pharmaceuticals	0.5	-7.5%	-4.1%
NKTR	Nektar Therapeutics	1.4	-7.3%	3.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
KOD	Kodiak Sciences	5.9	192.0%	237.8%
PACB	Pacific Biosciences of California	0.8	56.8%	35.8%
IOVA	Iovance Biotherapeutics	6.4	29.2%	420.7%
WOLF	Wolfspeed	1.4	28.0%	102.6%
LIND	Lindblad Expeditions	2.3	22.2%	141.2%
IBRX	ImmunityBio	10.8	21.9%	419.4%
ACLS	Axcelis Technologies	4.6	20.0%	83.9%
RXO	RXO	4.0	18.1%	85.0%
SYNA	Synaptics	4.7	17.9%	63.6%
MTRN	Materion	6.5	17.8%	151.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LQDA	Liquidia	2.5	-58.1%	-17.0%
QURE	uniQure	1.6	-38.6%	-2.0%
EMAT	Evolution Metals & Technologies	1.3	-36.3%	-90.4%
OCUL	Ocular Therapeutix	1.6	-27.9%	-42.7%
CYPH	Cypherpunk Technologies	0.6	-26.5%	161.2%
NKTR	Nektar Therapeutics	1.4	-23.6%	3.1%
FICO	Fair Isaac	15.0	-23.4%	-60.9%
IART	Integra Lifesciences	1.0	-21.3%	2.1%
BXBL	BOXABL	9.7	-19.9%	-67.1%
EVEX	Eve	0.6	-19.8%	-56.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
KOD	Kodiak Sciences	5.9	151.9%	237.8%
SECZ	Securitize	1.9	99.5%	5.6%
PACB	Pacific Biosciences of California	0.8	92.4%	35.8%
CYPH	Cypherpunk Technologies	0.6	80.4%	161.2%
GRAL	GRAIL	6.2	77.8%	67.4%
MXL	MaxLinear	9.5	76.3%	507.7%
DNA	Ginkgo Bioworks	0.8	75.7%	48.6%
VICR	Vicor	14.2	70.1%	181.8%
IOVA	Iovance Biotherapeutics	6.4	64.9%	420.7%
COHU	Cohu	3.5	60.6%	215.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CTVA	Corteva	8.0	-86.8%	-82.1%
LQDA	Liquidia	2.5	-58.9%	-17.0%
XNDU	Xanadu Quantum Technologies	1.3	-56.7%	-62.6%
QURE	uniQure	1.6	-49.3%	-2.0%
METC	Ramaco Resources	0.5	-43.8%	-55.0%
RARE	Ultragenyx Pharmaceutical	1.6	-42.6%	-33.8%
ALHC	Alignment Healthcare	1.6	-41.6%	-59.8%
EMAT	Evolution Metals & Technologies	1.3	-40.4%	-90.4%
NKTR	Nektar Therapeutics	1.4	-40.1%	3.1%
FICO	Fair Isaac	15.0	-39.9%	-60.9%

Peer Comparisons

Peers to compare with:

Financials

	CRCL	COIN	PYPL	HOOD	MARA	RIOT	Median
Name	Circle I.	Coinbase.	PayPal	Robinhoo.	MARA	Riot Pla.
Mkt Price	83.49	187.83	54.33	114.11	11.17	19.29	68.91
Mkt Cap	20.7	49.5	47.6	102.6	4.3	6.7	34.2
Rev LTM	2,905	6,283	34,128	4,932	804	675	3,919
Op Inc LTM	215	734	6,282	2,270	-1,014	-429	475
FCF LTM	710	1,714	6,586	178	-1,239	-1,097	444
FCF 3Y Avg	415	1,979	6,193	1,355	-961	-1,144	885
CFO LTM	777	1,714	7,475	245	-895	-492	511
CFO 3Y Avg	463	1,990	6,952	1,407	-708	-354	935

Growth & Margins

	CRCL	COIN	PYPL	HOOD	MARA	RIOT	Median
Name	Circle I.	Coinbase.	PayPal	Robinhoo.	MARA	Riot Pla.
Rev Chg LTM	37.2%	-10.4%	5.7%	38.3%	0.7%	24.5%	15.1%
Rev Chg 3Y Avg	384.3%	37.6%	6.1%	43.9%	88.9%	42.4%	43.2%
Rev Chg Q	6.6%	-18.5%	4.8%	32.3%	-26.7%	13.9%	5.7%
QoQ Delta Rev Chg LTM	1.5%	-4.2%	1.2%	6.9%	-7.3%	3.3%	1.3%
Op Inc Chg LTM	230.4%	-61.3%	2.0%	49.7%	-68.2%	-14.2%	-6.1%
Op Inc Chg 3Y Avg	-120.2%	71.0%	9.8%	197.1%	-92.6%	-27.2%	-8.7%
Op Mgn LTM	7.4%	11.7%	18.4%	46.0%	-126.1%	-63.5%	9.5%
Op Mgn 3Y Avg	0.8%	20.4%	18.3%	34.0%	-82.7%	-74.9%	9.6%
QoQ Delta Op Mgn LTM	12.5%	0.6%	-0.5%	-0.3%	-21.7%	-4.0%	-0.4%
CFO/Rev LTM	26.7%	27.3%	21.9%	5.0%	-111.3%	-73.0%	13.4%
CFO/Rev 3Y Avg	20.3%	31.5%	21.4%	35.6%	-94.9%	-62.9%	20.9%
FCF/Rev LTM	24.4%	27.3%	19.3%	3.6%	-154.1%	-162.7%	11.5%
FCF/Rev 3Y Avg	17.8%	31.3%	19.1%	34.1%	-127.0%	-242.0%	18.4%

Valuation

	CRCL	COIN	PYPL	HOOD	MARA	RIOT	Median
Name	Circle I.	Coinbase.	PayPal	Robinhoo.	MARA	Riot Pla.
Mkt Cap	20.7	49.5	47.6	102.6	4.3	6.7	34.2
P/S	7.1	7.9	1.4	20.8	5.3	9.9	7.5
P/Op Inc	96.2	67.4	7.6	45.2	-4.2	-15.7	26.4
P/EBIT	51.4	-42.8	7.5	45.2	-1.2	-5.1	3.2
P/E	45.9	-50.1	9.7	49.5	-1.2	-5.1	4.2
P/CFO	26.7	28.9	6.4	418.7	-4.8	-13.6	16.5
Total Yield	2.2%	-2.0%	11.1%	2.0%	-80.6%	-19.3%	-0.0%
Dividend Yield	0.0%	0.0%	0.5%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-	3.3%	11.9%	0.9%	-17.7%	-28.2%	0.9%
D/E	0.0	0.1	0.3	0.2	0.6	0.1	0.2
Net D/E	-0.1	-0.0	0.0	0.1	0.5	0.1	0.1

Returns

	CRCL	COIN	PYPL	HOOD	MARA	RIOT	Median
Name	Circle I.	Coinbase.	PayPal	Robinhoo.	MARA	Riot Pla.
1M Rtn	-18.2%	1.7%	-1.1%	-6.6%	-1.2%	-11.5%	-3.9%
3M Rtn	29.2%	13.5%	19.8%	1.2%	-9.9%	-12.8%	7.4%
6M Rtn	-7.5%	9.5%	20.5%	65.6%	28.2%	50.0%	24.4%
12M Rtn	-42.7%	-50.6%	-20.7%	-23.2%	-40.6%	-0.8%	-31.9%
3Y Rtn	0.3%	151.7%	-4.4%	1,072.8%	50.5%	114.1%	82.3%
1M Excs Rtn	-6.6%	6.6%	-1.1%	5.9%	6.0%	2.8%	4.4%
3M Excs Rtn	19.1%	8.7%	18.3%	-5.4%	-16.2%	-18.1%	1.6%
6M Excs Rtn	-25.3%	-8.2%	2.7%	48.1%	11.0%	33.1%	6.9%
12M Excs Rtn	-50.8%	-61.2%	-33.1%	-33.2%	-55.0%	-12.8%	-42.0%
3Y Excs Rtn	-82.6%	79.8%	-87.2%	1,010.7%	-40.8%	35.0%	-2.9%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

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Clinical Pipeline

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	6/30/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	8/5/2026	3/9/2026	6/5/2025	3/9/2026	6/5/2025	11/14/2022	12/23/2021
Key Financials
Total Revenue	2,905	2,747	1,676	1,450	772	85	15
Net Income	451	-70	156	268	-769	-508	4
EPS	1.91	-0.44	0.08	0.23	-3.89	-2.57	0.00
Growth Rates
Total Revenue Growth	37.2%	63.9%	15.6%	87.9%	809.6%	449.7%	63.9%
Net Income Growth	231.5%	-144.7%	-41.8%	134.8%	-51.3%	-13509.1%	102.1%
Margins
Net Income Margin	15.5%	-2.5%	9.3%	18.4%	-99.6%	-598.8%	24.5%
Cash & Debt
Total Cash	1,731	1,527	765	521	�	162	40
Total Debt	0	37	41	58	0	928	57
Net Debt / (Cash)	-1,731	-1,490	-725	-462	�	767	17
Cash Flows & CapEx
Net Cash from Operations	777	542	345	140	-73	-92	-15
Total CapEx	-67	-56	-39	-33	-18	-8	-7
Free Cash from Operations	710	486	305	107	-91	-100	-22
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	9	-0	-0	-0

$ Mil \| FY: 12/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1
Period End	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024
Filing Date	8/5/2026	5/11/2026	3/9/2026	11/12/2025	8/12/2025	6/5/2025	6/5/2025	11/12/2025	8/12/2025	6/5/2025
Key Financials Quarterly
Total Revenue	701	694	770	740	658	579	435	446	430	365
Net Income	48	55	133	214	-482	65	3	71	33	49
EPS	0.19	0.23	0.56	0.93	-4.48	0.00	0.00	0.00	0.00	0.00
Key Financials TTM
Total Revenue TTM	2,905	2,862	2,747	2,412	2,118	1,890	1,676	1,335	922	520
Net Income TTM	451	-79	-70	-200	-343	172	156	144	-771	-1,001
Growth Rates Quarterly
Total Revenue Growth	6.6%	20.0%	76.9%	66.0%	53.0%	58.5%	362.6%	1274.3%	1417.8%	1764.1%
Net Income Growth	110.0%	-14.7%	4191.3%	202.0%	-1564.3%	33.2%	137.5%	108.4%	116.7%	135.1%
Margins Quarterly
Net Income Margin	6.9%	8.0%	17.3%	29.0%	-73.3%	11.2%	0.7%	15.9%	7.7%	13.3%
Cash & Debt
Total Cash	1,731	1,519	1,527	1,349	1,119	851	765	-	-	-
Total Debt	0	0	37	149	206	37	41	0	0	0
Net Debt / (Cash)	-1,731	-1,519	-1,490	-1,200	-913	-813	-725	-	-	-
Cash Flows Quarterly
FCF from Operations	517	21	249	-11	247	57	106	113	48	77
Cash Flows TTM
FCF from Operations TTM	777	507	542	399	523	324	345	220	88	21
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	4.2%	5.7%	6.9%	9.8%	-41.8%	26.3%	-0.5%	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	7.3%	-2.7%	-2.0%	-4.0%	-5.3%	14.3%	10.8%	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Reserve income	2,637	1,661	1,431	736
Subscription and services	85	6	7
Transaction revenue	24	3	1	22
Other	1	6	12	6
Integration services				1
Treasury services				8
Circle					76
SeedInvest					9
Total	2,747	1,676	1,450	772	85

Price Behavior

Price Behavior

Market Price	$81.25
Market Cap ($ Bil)	20.2
First Trading Date	06/05/2025
Distance from 52W High	-46.0%
	50 Days	200 Days
DMA Price	$81.40	$128.53
DMA Trend	indeterminate	up
Distance from DMA	-0.2%	-36.8%
	3M	1YR
Volatility	84.7%	96.9%
Downside Capture	342.30	374.87
Upside Capture	408.47	246.06
Correlation (SPY)	44.3%	40.3%

CRCL Betas & Captures as of 9/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	4.67	3.21	3.43	2.52	2.99	-0.15
Up Beta	8.48	1.11	1.49	1.39	2.19	0.80
Down Beta	11.31	4.19	4.33	3.72	3.15	-0.08
Up Capture	361%	540%	598%	254%	610%	81%
Bmk +ve Days	6	16	27	66	132	424
Stock +ve Days	9	22	32	60	121	158
Down Capture	351%	235%	270%	250%	183%	105%
Bmk -ve Days	16	26	37	60	120	328
Stock -ve Days	13	19	31	65	129	170

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CRCL
CRCL	-37.1%	97.7%	-0.04	-
Sector ETF (XLF)	1.4%	14.8%	-0.13	24.7%
Equity (SPY)	16.2%	13.0%	0.88	39.7%
Gold (GLD)	6.8%	29.6%	0.22	21.7%
Commodities (DBC)	44.9%	20.8%	1.67	5.9%
Real Estate (VNQ)	1.5%	13.6%	-0.15	13.7%
Bitcoin (BTCUSD)	-28.9%	44.3%	-0.64	60.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CRCL
CRCL	-3.5%	110.0%	0.36	-
Sector ETF (XLF)	8.7%	18.3%	0.34	22.9%
Equity (SPY)	13.1%	17.2%	0.58	32.1%
Gold (GLD)	18.4%	18.9%	0.79	14.9%
Commodities (DBC)	10.3%	19.6%	0.41	7.4%
Real Estate (VNQ)	0.7%	18.8%	-0.07	13.5%
Bitcoin (BTCUSD)	14.6%	52.2%	0.45	48.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CRCL
CRCL	-1.8%	110.0%	0.36	-
Sector ETF (XLF)	12.6%	22.1%	0.52	22.9%
Equity (SPY)	15.3%	17.9%	0.72	32.1%
Gold (GLD)	11.5%	16.4%	0.57	14.9%
Commodities (DBC)	8.2%	18.1%	0.37	7.4%
Real Estate (VNQ)	4.2%	20.7%	0.16	13.5%
Bitcoin (BTCUSD)	64.1%	66.2%	1.04	48.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	9152026
Short Interest: Shares Quantity	22.0 Mil
Short Interest: % Change Since 8312026	7.0%
Average Daily Volume	14.2 Mil
Days-to-Cover Short Interest	1.6 days
Basic Shares Quantity	248.2 Mil
Short % of Basic Shares	8.9%

Returns Analyses

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Earnings Returns History

Updated 9/8/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/5/2026	0.0%	12.5%	40.1%
5/11/2026	15.9%	0.3%	-28.7%
2/25/2026	35.5%	62.3%	69.2%
11/12/2025	-12.2%	-22.1%	-15.1%
8/12/2025	1.3%	-12.2%	-29.5%
SUMMARY STATS
# Positive	4	3	2
# Negative	1	2	3
Median Positive	8.6%	12.5%	54.7%
Median Negative	-12.2%	-17.1%	-28.7%
Max Positive	35.5%	62.3%	69.2%
Max Negative	-12.2%	-22.1%	-29.5%

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/5/2026	0.0%	12.5%	40.1%
5/11/2026	15.9%	0.3%	-28.7%
2/25/2026	35.5%	62.3%	69.2%
11/12/2025	-12.2%	-22.1%	-15.1%
8/12/2025	1.3%	-12.2%	-29.5%
SUMMARY STATS
# Positive	4	3	2
# Negative	1	2	3
Median Positive	8.6%	12.5%	54.7%
Median Negative	-12.2%	-17.1%	-28.7%
Max Positive	35.5%	62.3%	69.2%
Max Negative	-12.2%	-22.1%	-29.5%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
06/30/2026	08/05/2026	10-Q
03/31/2026	05/11/2026	10-Q
12/31/2025	03/09/2026	10-K
09/30/2025	11/12/2025	10-Q
06/30/2025	08/12/2025	10-Q
03/31/2025	06/05/2025	424B4
06/30/2022	11/14/2022	S-4/A
03/31/2022	07/11/2022	S-4/A
09/30/2021	12/23/2021	S-4/A
06/30/2021	10/04/2021	S-4/A

Collapse to Preview

Report Date	Filing Date	Filing
06/30/2026	08/05/2026	10-Q
03/31/2026	05/11/2026	10-Q
12/31/2025	03/09/2026	10-K
09/30/2025	11/12/2025	10-Q
06/30/2025	08/12/2025	10-Q
03/31/2025	06/05/2025	424B4
06/30/2022	11/14/2022	S-4/A
03/31/2022	07/11/2022	S-4/A
09/30/2021	12/23/2021	S-4/A
06/30/2021	10/04/2021	S-4/A

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2026 Earnings Reported 8/5/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 USDC in Circulation	Reported		0.4		0.0%		Affirmed	Guidance: 0.4 for 2026
2026 RLDC Margin	Reported	41.7%	42.7%	43.7%		3.7%	Raised	Guidance: 39.0% for 2026
2026 Other Revenue	Reported	310.00 Mil	320.00 Mil	330.00 Mil	100.0%		Raised	Guidance: 160.00 Mil for 2026
2026 Adjusted Operating Expenses	Reported	570.00 Mil	577.50 Mil	585.00 Mil	0.0%		Affirmed	Guidance: 577.50 Mil for 2026

Prior: Q1 2026 Earnings Reported 5/11/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 USDC in Circulation	Reported		0.4				Affirmed	Guidance: 0.4 for 2026
2026 RLDC Margin	Reported	38.0%	39.0%	40.0%		0	Affirmed	Guidance: 39.0% for 2026
2026 Other Revenue	Reported	150.00 Mil	160.00 Mil	170.00 Mil	0		Affirmed	Guidance: 160.00 Mil for 2026
2026 Adjusted Operating Expenses	Reported	570.00 Mil	577.50 Mil	585.00 Mil	0		Affirmed	Guidance: 577.50 Mil for 2026

Q4 2025 Earnings Reported 2/25/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 USDC in Circulation	Reported		0.4
2026 RLDC Margin	Reported	38.0%	39.0%	40.0%		1.0%	Higher New	Actual: 38.0% for 2025
2026 Other Revenue	Reported	150.00 Mil	160.00 Mil	170.00 Mil	68.4%		Higher New	Actual: 95.00 Mil for 2025
2026 Adjusted Operating Expenses	Reported	570.00 Mil	577.50 Mil	585.00 Mil	14.9%		Higher New	Actual: 502.50 Mil for 2025

Q3 2025 Earnings Reported 11/12/2025

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 RLDC Margin	Reported		38.0%			1.0%	Raised	Guidance: 37.0% for 2025
2025 Other Revenue	Reported	90.00 Mil	95.00 Mil	100.00 Mil	18.8%		Raised	Guidance: 80.00 Mil for 2025
2025 Adjusted Operating Expenses	Reported	495.00 Mil	502.50 Mil	510.00 Mil	4.1%		Raised	Guidance: 482.50 Mil for 2025

Insider Activity

Updated 10/5/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Fox-Geen, Jeremy	Chief Financial Officer	Direct	Sell	10052026	85.78	4,238	363,536	25,985,335	Form
2	Razzaghi, Hossein	Chief Commercial Officer	Direct	Sell	10052026	85.78	1,830	156,977	55,012,258	Form
3	Schulz, Tamara L	Chief Accounting Officer	Direct	Sell	10052026	85.78	1,194	102,421	8,084,593	Form
4	Allaire, Jeremy	Chairman and CEO	Direct	Sell	9102026	98.04	56,200	5,510,044	32,722,992	Form
5	Allaire, Jeremy	Chairman and CEO	Oak Trust	Sell	9102026	98.04	1,516	148,634	5,913,775	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Fox-Geen, Jeremy	Chief Financial Officer	Direct	Sell	10052026	85.78	4,238	363,536	25,985,335	Form
2	Razzaghi, Hossein	Chief Commercial Officer	Direct	Sell	10052026	85.78	1,830	156,977	55,012,258	Form
3	Schulz, Tamara L	Chief Accounting Officer	Direct	Sell	10052026	85.78	1,194	102,421	8,084,593	Form
4	Allaire, Jeremy	Chairman and CEO	Direct	Sell	9102026	98.04	56,200	5,510,044	32,722,992	Form
5	Allaire, Jeremy	Chairman and CEO	Oak Trust	Sell	9102026	98.04	1,516	148,634	5,913,775	Form
6	Allaire, Jeremy	Chairman and CEO	Chestnut Trust	Sell	9102026	98.05	1,516	148,636	5,913,489	Form
7	Allaire, Jeremy	Chairman and CEO	Beech Trust	Sell	9102026	98.04	1,516	148,633	5,913,341	Form
8	Allaire, Jeremy	Chairman and CEO	Spruce Trust	Sell	9102026	98.04	1,516	148,633	5,913,341	Form
9	Chandhok, Nikhil	Chief Product & Tech. Officer	Direct	Sell	9092026	100.40	26,666	2,677,266	72,536,992	Form
10	Fox-Geen, Jeremy	Chief Financial Officer	Direct	Sell	9032026	87.87	8,120	713,504	27,089,530	Form
11	Razzaghi, Hossein	Chief Commercial Officer	Direct	Sell	9032026	87.87	7,458	655,334	56,664,288	Form
12	Schulz, Tamara L	Chief Accounting Officer	Direct	Sell	9032026	87.87	1,194	104,917	8,477,083	Form
13	Fox-Geen, Jeremy	Chief Financial Officer	Direct	Sell	9032026	92.20	15,000	1,383,000	29,857,771	Form
14	Neville, Patrick Sean		Direct	Sell	9032026	92.09	50,000	4,604,500	185,838	Form
15	Fox-Geen, Jeremy	Chief Financial Officer	Direct	Sell	8242026	90.00	45,000	4,050,000	29,145,330	Form
16	Burns, M Michele		Direct	Sell	8212026	85.13	3,332	283,653	27,856,749	Form
17	Fox-Geen, Jeremy	Chief Financial Officer	Direct	Sell	8142026	75.00	8,476	635,700	24,287,775	Form
18	Chandhok, Nikhil	Chief Product & Tech. Officer	Direct	Sell	8122026	67.15	26,666	1,790,622	48,208,328	Form
19	Ostling, Danita K		Direct	Sell	8072026	61.65	20,000	1,233,000	284,083	Form
20	Allaire, Jeremy	Chairman and CEO	Direct	Sell	8072026	62.03	56,200	3,485,977	24,698,274	Form
21	Allaire, Jeremy	Chairman and CEO	Oak Trust	Sell	8072026	62.03	1,516	94,035	3,835,471	Form
22	Allaire, Jeremy	Chairman and CEO	Chestnut Trust	Sell	8072026	62.03	1,516	94,036	3,835,252	Form
23	Allaire, Jeremy	Chairman and CEO	Beech Trust	Sell	8072026	62.03	1,516	94,032	3,835,080	Form
24	Allaire, Jeremy	Chairman and CEO	Spruce Trust	Sell	8072026	62.03	1,516	94,032	3,835,080	Form
25	Razzaghi, Hossein	Chief Commercial Officer	Direct	Sell	8042026	60.08	1,829	109,886	39,611,345	Form
26	Schulz, Tamara L	Chief Accounting Officer	Direct	Sell	8042026	60.08	1,194	71,736	5,960,236	Form
27	Neville, Patrick Sean		Direct	Sell	8042026	59.55	50,000	2,977,742	120,182	Form
28	Chandhok, Nikhil	Chief Product & Tech. Officer	Direct	Sell	7102026	63.90	26,666	1,703,957	46,331,845	Form
29	Allaire, Jeremy	Chairman and CEO	Beech Trust	Sell	7082026	67.16	1,516	101,810	4,254,119	Form
30	Allaire, Jeremy	Chairman and CEO	Spruce Trust	Sell	7082026	67.16	1,516	101,810	4,254,119	Form
31	Allaire, Jeremy	Chairman and CEO	Direct	Sell	7082026	67.16	56,200	3,774,275	30,515,150	Form
32	Allaire, Jeremy	Chairman and CEO	Oak Trust	Sell	7082026	67.16	1,516	101,810	4,254,388	Form
33	Allaire, Jeremy	Chairman and CEO	Chestnut Trust	Sell	7082026	67.16	1,516	101,810	4,254,119	Form
34	Razzaghi, Hossein	Chief Commercial Officer	Direct	Sell	7022026	64.40	1,831	117,916	42,687,926	Form
35	Schulz, Tamara L	Chief Accounting Officer	Direct	Sell	7022026	64.40	1,194	76,894	5,530,092	Form
36	Neville, Patrick Sean		Direct	Sell	7022026	62.65	50,000	3,132,444	126,425	Form
37	Chandhok, Nikhil	Chief Product & Tech. Officer	Direct	Sell	6262026	72.37	489,737	35,444,366	37,765,554	Form
38	Razzaghi, Hossein	Chief Commercial Officer	Direct	Sell	6122026	78.85	34,623	2,730,024	52,545,955	Form
39	Tarbert, Heath	President	Direct	Sell	6122026	81.47	39,240	3,196,920	40,943,872	Form
40	Neville, Patrick Sean		Direct	Sell	6112026	81.30	50,000	4,065,128	164,069	Form
41	Date, Rajeev V		Direct	Sell	6102026	85.00	1,273	108,205	13,119,410	Form
42	Date, Rajeev V		Direct	Sell	6102026	83.75	1,273	106,614	12,926,478	Form
43	Chandhok, Nikhil	Chief Product & Tech. Officer	Direct	Sell	6092026	83.75	26,666	2,233,278	43,701,504	Form
44	Neville, Patrick Sean		Direct	Sell	6092026	82.87	1,034,396	85,723,360	167,237	Form
45	Allaire, Jeremy	Chairman and CEO	Chestnut Trust	Sell	6092026	82.93	1,516	125,717	5,378,784	Form
46	Allaire, Jeremy	Chairman and CEO	Beech Trust	Sell	6092026	82.93	1,516	125,717	5,378,784	Form
47	Allaire, Jeremy	Chairman and CEO	Direct	Sell	6092026	82.93	56,200	4,660,769	42,343,252	Form
48	Allaire, Jeremy	Chairman and CEO	Oak Trust	Sell	6092026	82.93	1,516	125,717	5,379,116	Form
49	Allaire, Jeremy	Chairman and CEO	Spruce Trust	Sell	6092026	82.93	1,516	125,717	5,378,784	Form
50	Fox-Geen, Jeremy	Chief Financial Officer	Direct	Sell	6092026	88.00	8,120	714,560	29,925,808	Form
51	Burns, M Michele		Direct	Sell	6032026	98.76	1,666	164,534	32,645,908	Form
52	Neville, Patrick Sean		Direct	Sell	6032026	106.91	30,000	3,207,236	215,740	Form
53	Neville, Patrick Sean		Neville 2025 Qualified Annuity Trust	Sell	6032026	108.75	5,000			Form
54	Schulz, Tamara L	Chief Accounting Officer	Direct	Sell	6032026	101.82	1,194	121,573	8,969,935	Form
55	Chandhok, Nikhil	Chief Product & Tech. Officer	Direct	Sell	5222026	111.00	10,000	1,110,000	59,134,695	Form
56	Ostling, Danita K		Direct	Sell	5132026	132.06	1,200	158,472	2,983,235	Form
57	Date, Rajeev V		Direct	Sell	5082026	115.00	3,819	439,185	17,517,720	Form
58	Burns, M Michele		Direct	Sell	5052026	120.15	10,000	1,201,500	39,674,251	Form
59	Burns, M Michele		Direct	Sell	5052026	107.61	1,666	179,278	36,609,568	Form
60	Schulz, Tamara L	Chief Accounting Officer	Direct	Sell	5052026	107.10	1,194	127,877	9,727,786	Form
61	Fox-Geen, Jeremy	Chief Financial Officer	Direct	Sell	5052026	107.10	4,238	453,890	38,085,938	Form
62	Neville, Patrick Sean		Direct	Sell	5052026	92.65	30,000			Form
63	Neville, Patrick Sean		Neville 2025 Qualified Annuity Trust	Sell	5052026	92.64	5,000			Form
64	Fox-Geen, Jeremy	Chief Financial Officer	Direct	Sell	5052026	92.64	7,200	667,008	33,695,577	Form
65	Chandhok, Nikhil	Chief Product & Tech. Officer	Direct	Sell	4232026	104.00	10,000	1,040,000	55,802,344	Form
66	Tarbert, Heath	President	Direct	Sell	4152026	95.04	15,000	1,425,646	53,335,144	Form
67	Date, Rajeev V		Direct	Sell	4082026	95.00	1,273	120,935	14,471,160	Form
68	Date, Rajeev V		Direct	Sell	4082026	92.99	2,546	236,753	14,164,981	Form
69	Burns, M Michele		Direct	Sell	4082026	92.38	1,666	153,905	31,582,135	Form
70	Fox-Geen, Jeremy	Chief Financial Officer	Direct	Sell	4032026	90.00	4,238	381,420	32,735,340	Form
71	Schulz, Tamara L	Chief Accounting Officer	Direct	Sell	4032026	87.58	1,194	104,571	8,149,582	Form
72	Fox-Geen, Jeremy	Chief Financial Officer	Direct	Sell	4032026	98.04	7,200	705,888	36,455,194	Form
73	Neville, Patrick Sean		Direct	Sell	4032026	98.04	30,000			Form
74	Neville, Patrick Sean		Neville 2025 Qualified Annuity Trust	Sell	4032026	98.04	5,000			Form
75	Chandhok, Nikhil	Chief Product & Tech. Officer	Direct	Sell	3242026	123.08	10,000	1,230,800	66,509,478	Form
76	Tarbert, Heath	President	Direct	Sell	3162026	116.04	15,000	1,740,655	67,787,615	Form
77	Date, Rajeev V		Direct	Sell	3162026	113.00	3,819	431,547	17,213,064	Form
78	Burns, M Michele		Direct	Sell	3162026	112.71	11,670	1,315,303	38,719,499	Form
79	Tarbert, Heath	President	Direct	Sell	3112026	117.80	43,694	5,146,956	70,577,871	Form
80	Schulz, Tamara L	Chief Accounting Officer	Direct	Sell	3042026	93.00	1,341	124,713	8,860,761	Form
81	Fox-Geen, Jeremy	Chief Financial Officer	Direct	Sell	3042026	93.00	4,238	394,134	34,581,120	Form
82	Burns, M Michele		Direct	Sell	3042026	102.21	35,000	3,577,250	36,307,043	Form
83	Razzaghi, Hossein	Chief Commercial Officer	Direct	Sell	3042026	100.00	43,119	4,311,900	71,144,700	Form
84	Fox-Geen, Jeremy	Chief Financial Officer	Direct	Sell	3042026	90.00	7,200	648,000	34,195,950	Form
85	Tarbert, Heath	President	Direct	Sell	3042026	94.23	122,007	11,496,556	56,457,668	Form
86	Neville, Patrick Sean		Direct	Sell	3042026	90.00	30,000			Form
87	Neville, Patrick Sean		Neville 2025 Qualified Annuity Trust	Sell	3042026	90.00	5,000			Form
88	Burns, M Michele		Direct	Sell	3042026	94.88	80,000	7,590,000	28,958,696	Form
89	Allaire, Jeremy	Chairman and CEO	Direct	Sell	3022026	90.04	14,109	1,270,374	5,078,976	Form
90	Allaire, Jeremy	Chairman and CEO	Oak Trust	Sell	3022026	90.04	379	34,125	5,977,035	Form
91	Allaire, Jeremy	Chairman and CEO	Chestnut Trust	Sell	3022026	90.04	379	34,125	5,976,675	Form
92	Allaire, Jeremy	Chairman and CEO	Beech Trust	Sell	3022026	90.04	379	34,125	5,976,675	Form
93	Allaire, Jeremy	Chairman and CEO	Spruce Trust	Sell	3022026	90.04	379	34,125	5,976,675	Form
94	Neville, Patrick Sean		Direct	Sell	3022026	90.00	30,000			Form
95	Neville, Patrick Sean		Neville 2025 Qualified Annuity Trust	Sell	3022026	90.00	5,000			Form
96	Date, Rajeev V		Fenway Summer Charitable Remainder Trust	Sell	3022026	89.62	23,254			Form
97	Chandhok, Nikhil	Chief Product & Tech. Officer	Direct	Sell	3022026	90.00	20,000	1,800,000	38,276,550	Form
98	Burns, M Michele		Direct	Sell	3022026	82.00	10,000	820,000	25,028,860	Form
99	Fox-Geen, Jeremy	Chief Financial Officer	Direct	Sell	3022026	90.00	47,908	4,311,720	23,495,310	Form
100	Tarbert, Heath	President	Direct	Sell	3022026	90.14	10,753	969,275	48,238,241	Form
101	Ostling, Danita K		Direct	Sell	3022026	88.16	2,500	220,400	2,097,326	Form
102	Schulz, Tamara L	Chief Accounting Officer	Direct	Sell	2032026	59.80	1,527	91,315	5,860,998	Form
103	Schulz, Tamara L	Chief Accounting Officer	Direct	Sell	1062026	85.19	4,438	378,073	7,043,424	Form
104	Tarbert, Heath	President	Direct	Sell	12232025	90.02	3,048	274,381	52,148,766	Form
105	Chandhok, Nikhil	Chief Product & Tech. Officer	Direct	Sell	12232025	90.00	10,000	900,000	42,747,660	Form
106	Allaire, Jeremy	Chairman and CEO	Direct	Sell	12232025	90.07	7,055	635,444	6,351,466	Form
107	Allaire, Jeremy	Chairman and CEO	Oak Trust	Sell	12232025	90.07	188	16,933	6,013,163	Form
108	Allaire, Jeremy	Chairman and CEO	Chestnut Trust	Sell	12232025	90.07	190	17,113	6,012,803	Form
109	Allaire, Jeremy	Chairman and CEO	Beech Trust	Sell	12232025	90.07	190	17,113	6,012,803	Form
110	Allaire, Jeremy	Chairman and CEO	Spruce Trust	Sell	12232025	90.07	190	17,113	6,012,803	Form
111	Fox-Geen, Jeremy	Chief Financial Officer	Direct	Sell	12162025	90.00	23,830	2,144,700	25,395,570	Form
112	Tarbert, Heath	President	Direct	Sell	12162025	90.10	1,300	117,130	52,469,735	Form
113	Allaire, Jeremy	Chairman and CEO	Direct	Sell	12162025	90.05	7,055	635,303	6,985,359	Form
114	Allaire, Jeremy	Chairman and CEO	Oak Trust	Sell	12162025	90.05	188	16,929	6,028,757	Form
115	Allaire, Jeremy	Chairman and CEO	Chestnut Trust	Sell	12162025	90.05	190	17,110	6,028,577	Form
116	Allaire, Jeremy	Chairman and CEO	Beech Trust	Sell	12162025	90.05	190	17,110	6,028,577	Form
117	Allaire, Jeremy	Chairman and CEO	Spruce Trust	Sell	12162025	90.05	190	17,110	6,028,577	Form
118	Chandhok, Nikhil	Chief Product & Tech. Officer	Direct	Sell	12162025	90.00	10,000	900,000	42,747,660	Form
119	Neville, Patrick Sean		Direct	Sell	12162025	90.00	30,000			Form
120	Neville, Patrick Sean		Neville 2025 Qualified Annuity Trust	Sell	12162025	90.00	5,000			Form
121	Schulz, Tamara L	Chief Accounting Officer	Direct	Sell	12032025	78.02	1,000	78,020	6,968,512	Form
122	Chandhok, Nikhil	Chief Product & Tech. Officer	Direct	Sell	12032025	77.08	100,000	7,708,004	38,049,713	Form
123	Date, Rajeev V		Direct	Sell	11212025	70.89	5,000	354,450	12,801,458	Form
124	Date, Rajeev V		Fenway Summer Charitable Remainder Trust	Sell	11212025	70.91	2,000	141,820	1,063,650	Form
125	Date, Rajeev V		FS Venture Capital L.L.C.	Sell	11192025	67.80	1			Form
126	Date, Rajeev V		FS Venture Capital L.L.C.	Sell	11192025	75.62	36,400	2,752,568	11,922,476	Form
127	Date, Rajeev V		Fenway Summer Ventures LP	Sell	11172025	83.58	190,867	15,952,027	10,634,880	Form
128	Date, Rajeev V		Direct	Sell	11172025	85.32	37,500	3,199,640	15,834,549	Form
129	Date, Rajeev V		Fenway Summer Charitable Remainder Trust	Sell	11172025	86.19	8,000	689,520	1,465,230	Form
130	Date, Rajeev V		FS Venture Capital L.L.C.	Sell	11172025	85.50	54,600	4,668,300	16,592,386	Form
131	Ostling, Danita K		Direct	Sell	11172025	84.69	2,662	225,445	2,226,500	Form

Investor Activity (13F)

Updated Oct 5, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
KEYWISE CAPITAL MANAGEMENT (HK) Ltd	$126.7 Mil	21.4%	10	ADD +6.2%	13F
Anatole Investment Management Ltd	$115.7 Mil	16.1%	15	New	13F
Franchise GP Ltd	$42.3 Mil	15.6%	36	ADD +50901.5%	13F
CloudAlpha Capital Management Limited/Hong Kong	$115.0 Mil	12.6%	37	ADD +74.8%	13F
Southpoint Capital Advisors LP	$314.9 Mil	6.5%	41	ADD +175.0%	13F
ParaFi Capital LP	$15.7 Mil	4.9%	18	ADD +1550.0%	13F
Think Investments LP	$34.8 Mil	4.7%	30	Hold	13F
HSG Holding Ltd	$48.7 Mil	3.0%	26	ADD +114.3%	13F
Matthew 25 Management Corp	$6.0 Mil	2.0%	20	TRIM -16.7%	13F
Contrarius Group Holdings Ltd	$16.9 Mil	1.0%	47	TRIM -68.5%	13F
Comprehensive Financial Management LLC	$20.5 Mil	0.7%	38	Hold	13F
H&H International Investment, LLC	$19.1 Mil	0.1%	19	New	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Anatole Investment Management Ltd	$115.7 Mil	16.1%	15	New	13F
H&H International Investment, LLC	$19.1 Mil	0.1%	19	New	13F
Franchise GP Ltd	$42.3 Mil	15.6%	36	ADD +50901.5%	13F
ParaFi Capital LP	$15.7 Mil	4.9%	18	ADD +1550.0%	13F
Southpoint Capital Advisors LP	$314.9 Mil	6.5%	41	ADD +175.0%	13F
HSG Holding Ltd	$48.7 Mil	3.0%	26	ADD +114.3%	13F
CloudAlpha Capital Management Limited/Hong Kong	$115.0 Mil	12.6%	37	ADD +74.8%	13F
KEYWISE CAPITAL MANAGEMENT (HK) Ltd	$126.7 Mil	21.4%	10	ADD +6.2%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	As Of	Filing
Massachusetts Institute of Technology	$16.0 Mil	2.1%	7	Exited	Dec 31, 2025	13F
Softbank Group Corp.	$7.6 Mil	0.0%	35	Exited	Dec 31, 2025	13F
Contrarius Group Holdings Ltd	$16.9 Mil	1.0%	47	TRIM -68.5%	Mar 31, 2026	13F
Matthew 25 Management Corp	$6.0 Mil	2.0%	20	TRIM -16.7%	Mar 31, 2026	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Southpoint Capital Advisors LP	$314.9 Mil	6.5%	41	ADD +175.0%	13F
KEYWISE CAPITAL MANAGEMENT (HK) Ltd	$126.7 Mil	21.4%	10	ADD +6.2%	13F
Anatole Investment Management Ltd	$115.7 Mil	16.1%	15	New	13F
CloudAlpha Capital Management Limited/Hong Kong	$115.0 Mil	12.6%	37	ADD +74.8%	13F
HSG Holding Ltd	$48.7 Mil	3.0%	26	ADD +114.3%	13F
Franchise GP Ltd	$42.3 Mil	15.6%	36	ADD +50901.5%	13F
Think Investments LP	$34.8 Mil	4.7%	30	Hold	13F
Comprehensive Financial Management LLC	$20.5 Mil	0.7%	38	Hold	13F
H&H International Investment, LLC	$19.1 Mil	0.1%	19	New	13F
Contrarius Group Holdings Ltd	$16.9 Mil	1.0%	47	TRIM -68.5%	13F
ParaFi Capital LP	$15.7 Mil	4.9%	18	ADD +1550.0%	13F
Matthew 25 Management Corp	$6.0 Mil	2.0%	20	TRIM -16.7%	13F

CRCL Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Status	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing CRCL?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What CRCL Makes & Who Pays

TTM figures based on

CRCL Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Circle Internet — Investor Video Playlist

Products & Services

Private Credit Onchain: GetLiquid Builds on Arc

Circle · 2026-09-23

Products & Services

What’s Live and What’s Next for Arc

Circle · 2026-09-19

Products & Services

Arc Mainnet Launch Event

Circle · 2026-09-18

Leadership

Why the Financial System Needs Arc

Circle · 2026-09-17

Investor / Analyst

Circle Q2 2026 Earnings AMA with Jeremy Allaire

Circle · 2026-08-20

Investor / Analyst

Event Replay: Circle Q2 2026 Earnings Call

Circle · 2026-08-05

Products & Services

Introducing CCTP Fast Transfer and How it Works | Episode 13

Circle · 2025-12-09

Industry Resources

Financials Resources

Federal Reserve Economic Data

Diversified Capital Markets Resources

International Financing Review (IFR)

Financial News

Global Capital

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 10/4/2026

Circle Internet (CRCL)

Market Price (10/5/2026): $83.605 | Market Cap: $20.7 BilSector: Financials | Industry: Diversified Capital Markets

Circle Internet (CRCL)

Market Price (10/5/2026): $83.605Market Cap: $20.7 BilSector: FinancialsIndustry: Diversified Capital Markets

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

CRCL in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Circle Internet (CRCL)

Key Risks for Circle Internet (CRCL)

Global Stablecoin Market

Broader Digital Asset and Blockchain Financial Services Markets

Interactive Breakdown

Better Bets vs. Circle Internet (CRCL)

INDUSTRY: Diversified Capital Markets

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRCL: 384.3% | 6.9x)

Higher Rev Chg LTM (Value for CRCL: 37.2%)

Higher Rev Chg 3Y Avg (Value for CRCL: 384.3%)

Higher Op Mgn LTM (Value for CRCL: 7.4%)

Higher CFO/Rev LTM (Value for CRCL: 26.7%)

Higher FCF/Rev LTM (Value for CRCL: 24.4%)

Higher Total Yield (Value for CRCL: 2.2%)

SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRCL: 384.3% | 6.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CRCL: 384.3% | 93.6x)

Higher Rev Chg LTM (Value for CRCL: 37.2%)

Higher Rev Chg 3Y Avg (Value for CRCL: 384.3%)

Higher Op Mgn LTM (Value for CRCL: 7.4%)

Higher CFO/Rev LTM (Value for CRCL: 26.7%)

Higher FCF/Rev LTM (Value for CRCL: 24.4%)

Higher Total Yield (Value for CRCL: 2.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CRCL: 384.3% | 6.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CRCL: 384.3% | 93.6x)

Higher Rev Chg LTM (Value for CRCL: 37.2%)

Higher Rev Chg 3Y Avg (Value for CRCL: 384.3%)

Higher Op Mgn LTM (Value for CRCL: 7.4%)

Higher CFO/Rev LTM (Value for CRCL: 26.7%)

Higher FCF/Rev LTM (Value for CRCL: 24.4%)

Higher Total Yield (Value for CRCL: 2.2%)

Best Bets in Financials

P/EBIT (Value for CRCL: 50.0x)

P/E (Value for CRCL: 44.7x)

Rev Chg 3Y Avg (Value for CRCL: 384.3%)

Rev Chg LTM (Value for CRCL: 37.2%)

Rev Chg Q (Value for CRCL: 6.6%)

FCF/Rev 3Y Avg (Value for CRCL: 17.8%)

Peer Outperformance in Diversified Capital Markets

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Market Price (10/5/2026): $83.605
Market Cap: $20.7 Bil
Sector: Financials
Industry: Diversified Capital Markets