CRCL
USCircle Internet Group stock
Financials · Transaction & Payment Processing Services
$67.88last close
-32.1%~252d
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Price
-32.13% over 1Y3 auto-fib
Video teardown
A walkthrough of this page: the numbers, the levels, and where it sits.
Thesis
as of 2026-11-08
Bull case
Structural: regulated US stablecoin issuer (USDC ~$60B supply, #2 behind USDT) monetizing the spread between reserve yield (~4.3% on T-bills) and zero pass-through to holders. GENIUS Act passage gave bank-grade rails legal clarity, locking out unregulated offshore competitors and pulling USDC into Stripe/Visa/Mastercard distribution.
Reserves at $BLK + BK = institutional credibility moat retail issuers cannot replicate.
- USDC supply re-accelerated post-IPO, gaining share vs USDT in regulated venues
- Coinbase rev-share renegotiated downward at IPO - every $1B supply growth is more accretive than pre-2025
- CPN (Circle Payments Network) live with Standard Chartered, Deutsche Bank - B2B cross-border at scale
- Tokenized money-market funds + EURC + RWA flywheel adds non-USDC revenue legs
- Net-interest income still highly levered to Fed funds; supply growth compounds if rates hold above 3.5%
Bear case
- ~95% of revenue is reserve yield; 100bps Fed cut materially compresses margins
- USDT (Tether) still 2x larger and faster-growing offshore; Circle ceded EM markets
- Coinbase keeps ~50% of platform-attributed reserve income - structural toll on the moat
- Bank-issued stablecoins (JPMD, PYUSD, Société Générale EURCV) compete with native distribution
- IPO lockups + secondary supply overhang into 2026; HF crowded long post-S&P 500 speculation
- 2025-06: NYSE IPO at $31/sh, priced above $27-28 range; opened $69, ATH ~$298 in July 2025 squeeze
- 2025-07: GENIUS Act signed into US law - federal regulatory framework for payment stablecoins, USDC compliant Day 1
- 2025-09: Circle Payments Network (CPN) GA with Standard Chartered, Deutsche Bank, Société Générale as launch partners
- 2025-Q4: USDC integrated into $V Visa Direct + $MA Mastercard Multi-Token Network as settlement asset
- 2026-Q1: Tokenized USYC money-market fund crosses $2B AUM; EURC supply doubles YoY on MiCA tailwind
- 2026-Q2: Reserve custody split: BlackRock-managed Circle Reserve Fund (USDXX) + BNY Mellon cash leg
customersCoinbase ($COIN) · BlackRock ($BLK) · BNY Mellon ($BK) · Visa ($V) · Mastercard ($MA) · Standard Chartered · Deutsche Bank ($DB)
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Analyze CRCLinteractive tools
Themeseditorial groupings
Top correlated252d co-movement
Related research
Long-form analysis touching CRCL
- 5 minCircle (CRCL) Q3: $865M of revenue, $182M from the ARC token, core margin slipsCRCL grew revenue 17% to $865M, but $182M came from the ARC token presale. Without it, revenue less distribution costs fell to about $271M from $289M in Q2.
- 8 minAI IPO lockup expirations: CoreWeave, Circle, Cerebras & Nebius datesThe lockup-expiration dates for the AI-era IPOs people actually search: $CRWV (expired Aug 14 2025), $CRCL (Dec 2 2025), $CBRS (~Nov 2026, the live one), and why $NBIS has no conventional lockup at all.
- 5 minCoinbase (COIN) Q3: $1.22B revenue, services at 49%, costs cut againCOIN printed $1.22B of revenue, flat on Q2 and down 35% in a year. Services reached 49% of net revenue and the 2026 expense guide came down again.
Recent news
High-signal only
- TIKR21h agobearishCoinbase Just Hit a New 52-Week Low After Losing 16% Since Earnings. Is the Selling Overdone?
- Barrons.com2d agoWhat If the Only Companies That Let Their Stocks Be Tokenized Are Crypto Firms?
- Investor's Business Daily2d agobearishBitcoin Tumbles On ETF Flows, Liquidations. IREN Leads Miner Rebound Attempt.
- TheStreet3d agoCircle shareholder presses CEO on profit growth
- Barchart3d agobearishCRCL Stock Layoffs: What to Know About the Latest Circle Job Cuts
- Yahoo Finance3d agoEveryone should assume they are under attack: Circle CEO on AI's risk to US infrastructure
- Zacks3d agoCRCL Q3 Earnings Call Highlights Payment Growth and Arc Strategy
- MarketBeat3d agoWhat Circle Internet Group (CRCL) Said on Its Q3 Earnings Call
Held by ETFs
- IGViShares Expanded Tech-Software Sector ETF0.51%
Key levels
- -1.9%$69.180.786 retr of 49.90->140.00 (52w) · 2026-11-06
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
- -19.5%$84.320.618 retr of 49.90->140.00 (52w) · 2026-11-06
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
- -28.5%$94.950.5 retr of 49.90->140.00 (52w) · 2026-11-06
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
- -35.7%$105.580.382 retr of 49.90->140.00 (52w) · 2026-11-06Out of reach · reference only
Facts
- Exchange
- US
- Currency
- USD
- Market cap
- $17.41B
- Last update
- 2026-11-06
Revenue (TTM)$3.0B
P/E40.9×
P/S5.8×
Net margin15.3%
Frequently asked questions
- Is CRCL in IGV?
- Yes, iShares Expanded Tech-Software Sector ETF (IGV) holds CRCL with 0.51% (as of 2026-11-06).
- What ETFs hold CRCL?
- Circle Internet Group (CRCL) is held by IGV (0.51%).
- What sector is CRCL in?
- Circle Internet Group is classified under GICS Financials (Transaction & Payment Processing Services).
- What is CRCL's last close price?
- CRCL last closed at $67.88 on 2026-11-06.