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Circle Internet Group, Inc.
NYSE: CRCL Financials Cap Markets 🔎 Screen
$14.4B
Market Cap
P/E
0.98
PEG
-6.7%
ROCE
-2.8%
ROE
0.02
D/E
-3.5%
OPM
-35.3%
% from 52W High
54
α RS
🔍 CRCL is showing a high-conviction setup because it matches 4 of 39 tracked screener presets, an ECS of 81 last quarter, and debt_free_growers preset's Backtest win rate is 54.4% over 90 days. Net: Broad signal stack, not a recommendation. ? Conviction ECS Backtest
Sources
Conviction 4/39 · ECS 81 · Backtest win rate 54.4%
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🌏 Global Investor Returns
Currency-adjusted total returns for CRCL including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
📊 Sector Averages
About

Circle Internet Group, Inc. operates as a platform, network, and market infrastructure for stablecoin and blockchain applications. The company provides various platform including Arc Blockchain and Developer Infrastructure, an open, layer-1 blockchain network purpose-built to bring real world economic activity onchain; Circle Digital Assets and Services, which includes circle digital assets, USDC, EURC, and USYC, as well as circle mint and xreserve, related liquidity, custody, and trust infrastructure; and Circle Applications, which includes circle payments network and stablefx, applications that use circle digital assets to deliver real-world utility on the arc network and across the broader multichain ecosystem. Its stablecoins network comprises circle stablecoins, tokenized funds, liquidity, payments network, and developer services, as well as integration services. The company was founded in 2013 and is based in New York, New York.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding CRCL
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Manager Shares Value % of Fund Period
Cathie Wood ARK Investment Management 4.51M $430.2M 3.35% Mar 2026
Jim Simons Renaissance Technologies LLC 1.79M $170.9M 0.27% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$701M
+7% YoY
RLDC Margin
41.2%
+3.0pp YoY
Net Income
$48M
+$530M YoY
Adjusted EBITDA
$143M
+8% YoY
What Went Right
  • USDC circulation grew 19% YoY to $73.3B despite digital asset market cap falling ~40% YoY.
  • Arc Mainnet launching Sept 16 with validator cohort including BlackRock, DTCC, Visa, and Mastercard; DTCC to tokenize DTC-custodied assets on Arc.
  • CPN annualized volume reached $14.7B at quarter-end, then jumped to $23B as of July 31 (up 130% since last earnings report).
  • Other revenue guidance raised to $310M-$330M from $150M-$170M on Arc momentum.
What to Watch
  • Reserve return rate declined 66 bps YoY to 3.48% on lower SOFR.
  • Other revenue fell $8M QoQ due to weaker digital asset markets and deliberate prioritization of Arc over other blockchain partnerships.
  • Hyperliquid USDC distribution economics will begin to impact results from Q3.
  • Clarity Act remains pending; GENIUS Act rulemaking just underway.
Management Guidance
  • Full-year 2026 other revenue raised to $310M-$330M (from $150M-$170M), including ~$180M expected ARC token pre-sale revenue.
  • Full-year RLDC margin raised to 41.7%-43.7% (from 38%-40%); excluding Arc revenue, near midpoint of prior range.
  • Full-year adjusted operating expenses unchanged at $570M-$585M, expected at higher end.
Investor Lens
The thesis is stronger after this call. Circle raised 2026 guidance, signed landmark partners (BlackRock, DTCC, Visa, Mastercard) for Arc, and showed USDC decoupling with 19% circulation growth despite crypto market weakness. Competitive threats from consortium stablecoins remain, but 70% of interested firms already build on USDC. The Sept 16 Arc mainnet launch is the next major catalyst.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Q2 revenue +7% to $701M; guidance raised; Arc on track
Revenue
Total revenue and reserve income was $701M, up 7% YoY. Average USDC circulation hit an all-time high of $76.5B. Other revenue grew 1.4x YoY to $34M, though declined $8M QoQ.
Profitability
Net income from continuing operations was $48M, up $530M YoY, helped by prior-year IPO stock-comp impacts. Adjusted EBITDA was $143M, up 8% YoY, with adjusted EBITDA margin of 50%.
Margins
RLDC margin was 41.2%, up 3 percentage points YoY and down 21 bps QoQ. Adjusted operating expenses grew 23% YoY to $146M, reflecting investments in Arc, infrastructure, and AI.
Balance Sheet
Management cited a strong balance sheet to continue investing through cycles, but no specific cash, debt, or CapEx figures were provided.
Key Risks
Declining reserve return rate (down 66 bps YoY) and softer crypto markets pressured other revenue QoQ. Hyperliquid-related costs are expected to hit from Q3. Regulatory uncertainty around Clarity Act and GENIUS Act implementation remains.
Outlook
Full-year other revenue raised to $310M-$330M and RLDC margin to 41.7%-43.7%. Adjusted opex unchanged at $570M-$585M, with no explicit Q3 revenue guidance provided.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-05
USDC circulation and transaction volumes saw robust year-over-year growth, with total revenue and reserve income up 7%. Arc Mainnet launches in September with major financial partners, and CPN payment network volume surged. Guidance was raised for other revenue and margins, driven by Arc.
Q1 2026 Q1 2026 2026-05-11
USDC circulation and transaction volumes surged year-over-year, with strong revenue and margin growth. Major product launches, ARC token pre-sale, and expanding enterprise adoption position the platform for continued leadership and growth.
Q4 2025 Q4 2025 2026-02-25
Q4 and FY 2025 saw robust growth in USDC circulation, transaction volumes, and revenue, with strong platform expansion and deepening institutional adoption. Guidance for FY 2026 anticipates continued investment and margin strength, supported by regulatory tailwinds and new product launches.
Q3 2025 Q3 2025 2025-11-12
Q3 saw USDC in circulation more than double year-over-year to $73.7B, with on-chain transaction volume up 580% to $9.6T. Revenue rose 66% to $740M, and adjusted EBITDA grew 78% to $166M. Platform expansion, regulatory clarity, and strong network effects drove market share gains.
Q2 2025 Q2 2025 2025-08-12
USDC circulation and transaction volumes surged, with revenue up 53% year-over-year and adjusted EBITDA margin at 50%. Major product launches, expanded partnerships, and the Genius Act are driving rapid institutional adoption and global growth.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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