Circle Internet Group (CRCL)

Outperform Recap: Q1 2026

Arc Token at $3B FDV Reframes the Story: Margin Breakthrough Plus a Platform Optionality the Market Just Started to Price

Outperform Recap: Q4 2025

Three Quarters of On-Platform Acceleration Prove the Margin Thesis: 17.8% Penetration, 40% RLDC Margin, and a Stock at $61 That the Market Finally Woke Up To

Hold Recap: Q3 2025

$214M Net Income and 220% EPS Beat Can't Save the Stock: The Market Has Discovered Circle's Interest Rate Problem

Hold Recap: Q2 2025

Circle's IPO Quarter Reveals the Machine: $126M EBITDA at 50% Margin and USDC Doubling — But $591M in Non-Cash Charges Mask the Signal, and Rate Sensitivity Is Already Biting